Ethena (ENA) price has been the rage of the crypto market today, with its 10% rally in a single day. The kind of price action that puts fresh focus on altcoin volatility. The rebound comes on the heels of Binance resolving a USDe de-pegging scare. This quickly restored faith in Ethena’s stablecoin and injected a wave of confidence across its ecosystem.
Meanwhile, Ethena’s expansion into stablecoin-as-a-service on tube, placing it at the heart of Ethereum’s $4B+ rollup sector, has added real tailwinds. With the market cap at $3.23 billion and trading volumes jumping nearly 74%, all eyes are now on how ENA handles crucial resistance and navigates the current market “Fear.”
Today, ENA price trades at $0.4509, just below its 24-hour high of $0.4515, having bounced hard from a low of $0.3804. The token recently sliced above the 7-day SMA at $0.42, which is now acting as a key support zone. While the 30-day EMA at $0.537 sits higher, Ethena faces its next challenge at the 38.2% Fibonacci resistance ($0.512).
If buying volume keeps up and sentiment steadies, traders could set eyes on the $0.512 to $0.589 range for quick upward moves. But there’s a catch, the broader fear mood means momentum could turn fast. If ENA closes below its $0.42 support, watch for profit-taking and short-term downside swings as uncertainty resumes its grip.
ENA jumped due to Binance successfully resolving a USDe stablecoin de-peg and Ethena’s product expansion, which revived confidence.
Traders should watch for resistance at $0.512 and $0.589, with $0.42 now a critical support. A close below $0.42 may trigger selling, while sustained volume could see ENA run higher.
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