- Ethena’s ENA surged 16% to $0.85 after a golden cross pattern signaled strong upward momentum, echoing gains from a similar setup in 2024.
- USDe supply surpassed $10 billion in just 500 days, boosting confidence in ENA and reinforcing investor sentiment around Ethena’s reserves.
- Ethereum’s break above $4,000 strengthened Ethena’s ETH-backed reserves, helping ENA achieve over 35% weekly and nearly 150% monthly gains.
Ethena’s ENA token climbed 16% to $0.85 on August 11, extending its 30-day gain to nearly 150%. The move came as the daily chart signaled a golden cross, with the 50-day simple moving average crossing above the 200-day average.
The rally coincided with USDe, Ethena’s synthetic stablecoin, surpassing $10 billion in circulating supply. This level was achieved in only 500 days since launch, making USDe one of the fastest-growing stablecoins in the market. The milestone highlighted increasing adoption and brought renewed focus to the project’s fundamentals.
Ethereum Breakout Adds Support
Market sentiment improved further as Ethereum broke above the $4,000 level, a key psychological resistance it had not breached since December last year. Ethereum’s strong performance, rising over 20% in the past week, has bolstered Ethena’s ETH-based collateral reserves, reinforcing confidence in USDe’s stability.
Some market watchers noted increased ENA demand from Korean traders in recent weeks. This activity has added to the token’s upward momentum, aligning with the broader positive trend across Ethereum-linked projects.
Technical Indicators Remain Positive
Technical readings supported the price action. The MACD line moved above its signal line, suggesting buyers remained in control. The RSI entered overbought territory, indicating strong momentum despite the potential for short-term pullbacks.
The golden cross formation last occurred in late November 2024, leading to an 87 percent rally to $1.33 in December. The current price structure resembles that period, with a similar technical setup and bullish sentiment. If the move mirrors past performance, ENA could approach $1.14 in the coming sessions.
ENA’s market capitalization has reached $5.4 billion. Daily trading volume eased slightly to $1.4 trillion worth of ENA changing hands. The broader trend remains firmly upward as long as key support levels hold.
