Altcoins News
By Steven Anderson
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Ethena (ENA) has delivered one of the strongest performances in the crypto market this month, climbing 150% over the last 30 days and gaining another 40% in the past week alone.
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USDe has now become the world’s third-largest stablecoin by market capitalization, a milestone that has drawn attention from both retail traders and institutional players.
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Golden Cross Strengthens Technical Setup
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From a technical perspective, Ethena’s recent breakout is underpinned by a golden cross pattern — a widely watched bullish signal where the 50-day Exponential Moving Average…
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The Relative Strength Index (RSI) for ENA currently sits near 74, reflecting strong buying pressure without extreme overbought conditions.
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On August 10, ENA surged 14.7%, moving from $0.64 to $0.81 and breaking out of a bullish flag formation on the daily chart.
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The next key resistance is at $0.8741, followed by the important psychological barrier at $1.00. A confirmed break above this level could open the door to targets at $1.
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However, recent on-chain data shows that $29.8 million worth of ENA was transferred to exchanges between August 9–10, which could lead to short-term price swings if some holders…
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Expanding Ecosystem and Whale Confidence
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One of the major drivers behind Ethena’s growth is the expansion of its USDe stablecoin ecosystem.
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The derivatives market is also showing increased interest in ENA. Futures trading volume has jumped 41.84% to reach $4.
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Large investors, often referred to as “whales,” have been steadily accumulating ENA over the past week, boosting their holdings by more than 30%.
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Looking ahead, one of the most anticipated developments in Ethena’s roadmap is the activation of its “fee switch” — a mechanism that will direct a portion of protocol fees to ENA…
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Combined with the current bullish technical structure, whale accumulation, and ongoing ecosystem growth, analysts believe this could further strengthen ENA’s market position.
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Ethena’s rise comes at a time when the DeFi sector is regaining momentum after a quieter start to the year.
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