Ethena has recently exhibited a significant bullish trend on its 1-day chart, indicating the potential for an increase of over 65% from its current price point.
In the last week, Etena (ENA), a leading USDe stablecoin, has surged by 24.4%. As of October 14, its market capitalization exceeded $1 billion, with the current value standing at $1.14 billion—an impressive 200% increase since the lows experienced in September. The daily trading volume has surpassed $318 million.
Market analysts have observed that Etena has emerged from several bullish patterns on the daily chart, making the case for additional price increases.
A trader operating under the alias CryptoBull_360 pointed out that ENA has successfully broken out of an inverted head-and-shoulders pattern—a rare formation that signals a significant bullish reversal, potentially accelerating ENA’s price rally. Furthermore, the asset has also moved past the upper boundary of a wedge pattern connecting its highest values since April 10th.
The analyst has set a bullish price target for ENA at $0.68. Should Bitcoin (BTC) maintain its upward trajectory, this could equate to a 65% increase from where ENA currently sits.
Other market participants echoed this optimistic outlook, suggesting that as long as ENA stays above its support level of $0.42, it could reach $0.52 in the coming time frame.
The rise in ENA’s price aligns with a notable increase in futures open interest. According to CoinGlass, open interest in futures trading has surged to $227 million, a jump from last week’s low of $137 million.
Recent reports from crypto.news have highlighted that cryptocurrency whales have shown a growing interest in various tokens, actively accumulating them over the past week.
In particular, skilled DEX traders, recognized for their strategies on decentralized exchanges, have acquired more than 2.25 million ENA tokens, worth approximately $932,500 in total during the last week, reflecting their confidence in the token’s growth potential.
Another factor contributing to the momentum is Ethena’s recent proposal to introduce liquidity and hedging mechanisms through Hyperliquid, a decentralized exchange focused on perpetual contracts.
This proposal, now under review by the Ethena Risk Committee, seeks to transition part of Ethena’s hedging operations on-chain to Hyperliquid, which would enhance transparency and mitigate counterparty risks.
Additionally, the initiative includes plans to incorporate the USDe stablecoin into Hyperliquid’s Layer 1 platform upon the launch of the EVM mainnet, further broadening the scope of DeFi integration.
As of now, ENA is trading at $0.403, according to information from crypto.news.
