cryptoprince
08/11 11:28
Ethena prints golden cross that preceded 87% rally
Ethena prints golden cross that preceded 87% rally in 2024
A golden cross has formed on the Ethena daily chart, and last time this appeared, ENA rallied over 80%.
- Ethena (ENA) rose 16% to $0.85 on Aug. 11, extending its 30-day gains to nearly 150%.
- USDe, Ethena’s synthetic stablecoin, has surpassed $10 billion in supply.
- Ethereum’s breakout above $4k has strengthened confidence in USDe’s ETH-backed reserves.
According to data from crypto.news, Ethena ena7.64%Ethena rallied 16% to an intraday high of $0.85 on Monday, Aug. 11. At this price, its weekly gains stand at over 35% while its gains over the past 30 days stood at nearly 150%.
Its market cap has risen to $5.4 billion, while its daily trading volume has dipped slightly, as over $1.4 trillion of ENA exchanged hands between traders.
Why did ENA rally today?
ENA’s rally today could primarily be due to improved investor sentiment as USDe, its synthetic stablecoin, surpassed $10 billion in circulating supply, marking a major milestone for the project. Notably, this milestone was reached with just 500 days since the stablecoin was launched, making USDe one of the fastest-growing stablecoins in the crypto industry.
Besides strong growth in its stablecoin, ENA’s rally has also been drawing strength from investor euphoria over Ethereum eth0.22%Ethereum breaking past $4k, a psychological resistance level it has struggled to surpass since December last year.
Ethereum has rallied over 20% over the past 7 days, significantly outperforming Bitcoin, which was up less than 7% during the same time period.
Tutti i commenti0RecentePopolare
Nessuno storico