ENA, the native token of the Ethereum-based synthetic dollar protocol Ethena, is today’s top-performing crypto asset. Currently trading at $0.60, its price is up by 11% over the past day.
This rally follows a sharp rise in the circulating supply of USDe, Ethena’s synthetic dollar-pegged stablecoin. With aligning bullish technical indicators, ENA appears poised to keep climbing in the short term.
ENA Surges as USDe Supply Hits Record $8.73 Billion
According to data from Etherscan, USDe’s circulating supply is at an all-time high of $8.73 billion, up more than $3.4 billion since July 16.
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This increase reflects the growing user adoption and increased capital inflows into the protocol as more investors seek stable, yield-generating dollar exposure.
The uptick in stablecoin supply has boosted the positive sentiment around ENA even as broader market conditions remain uncertain and volatile. Its price is up by double digits today, with key technical indicators pointing to increasing bullish momentum.
ENA’s Momentum Builds Despite Recent Dip
Technical readings from the ENA/USD one-day chart reveal that the token’s BBTrend (Bollinger Band Trend) indicator has printed a series of green bars that have grown steadily in size since June 29.
This steady build-up has occurred even as ENA’s price has experienced a downward trajectory over the past week. For context, today’s rally marks the most significant price improvement the token has seen in that period, indicating a potential reversal.
When BBTrend bars expand while prices consolidate, it reflects latent bullish pressure that eventually surfaces. If this momentum holds, ENA may be poised for further gains in the coming sessions.
Moreover, the token’s Relative Strength Index (RSI) confirms this bullish outlook. As of this writing, this momentum indicator is at 62.12 and is in an uptrend.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
ENA’s RSI readings indicate market participants prefer accumulation over distribution. If this trend continues, its price could keep rising in the short term.
ENA Bulls Target $0.77—But Can They Overcome This Crucial Wall?
At its current price, ENA holds just below a key resistance level at $0.64. This critical price point could determine the altcoin’s next move.
If bullish momentum intensifies and buy-side pressure continues to build, a breakout above this level could propel ENA toward the next major resistance around $0.77.
However, if demand weakens or market sentiment shifts, ENA may face a pullback, potentially declining toward the $0.48 support zone.
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