CandleFocus Ethena (ENA) Token Surges 33% Amid New Proposals: Will the Bull Run Hit $0.50?
2024-10-14
Author: Content Editor
The price of Ethena (ENA) has increased by 15.32% in the past 24 hours, reaching a trading price of $0.3887. It has seen a 33.65% rise in the last seven days, with a market cap crossing the $1 billion mark. A breakout run to reach $0.50 is expected as the bullish trend gains momentum. Technical indicators in the 8-hour chart support the possibility of an uptrend in Ethena. The surge in the ENA token is attributed to a proposal to add Solana as a backing asset for USDe, similar to the hedging mechanism used for Bitcoin and Ethereum. Fibonacci levels indicate potential price targets for the ENA recovery rally at $0.4431 and $0.5086. Support levels are at $0.3557 and $0.3196.
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