CandleFocus Ecosystem growth fuels Ethena rally, analysts eye 65% upside ahead
2024-10-19
Author: Content Editor
Ethena (ENA), known for its USDe stablecoin, has experienced a 24.4% rise in the past week and surpassed a market cap of $1 billion. Analysts believe that ENA has broken out of multiple patterns on the one-day chart, including an inverse head and shoulders pattern and a broadening wedge pattern. This indicates a major bullish reversal and potential for further upside. Analysts set a bullish target of $0.68 for ENA, a 65% increase from its current levels. Whales and smart DEX traders have been accumulating ENA tokens, demonstrating confidence in its growth potential. ENA's recent proposal to integrate its liquidity and hedging system into Hyperliquid, a decentralized exchange for perpetual trading, is also seen as a catalyst for its growth.
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