CandleFocus

Ethena Surges 30% in 24 Hours, Can $ENA Price Reach $2 Mark?

Author: Content Editor
Ethena, an altcoin, has seen a 30% increase in value in one day, reaching a price of $0.5157. This surge in price is largely attributed to a new governance proposal from Wintermute, a crypto market maker, which aims to implement a 'fee switch' that would benefit Ethena holders. The proposal has generated optimism and interest among investors. Ethena's stablecoin, USDe, has a market cap of $2.8 billion, but holders of sENA have not seen similar rewards, leading to a gap in expectations. If the market support and trading volumes continue to strengthen, Ethena could target price levels around $0.60 or $0.65. However, there may be resistance at $0.55 and $0.60. On the downside, there is support at $0.45 and a stronger support level at $0.40. If there is a deeper retracement, the token could reach $0.35. Overall, the outlook for Ethena's price is optimistic, especially with the new governance proposal generating interest.

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