Ethena (ENA) leads market benefits as USDe supply, hits all high -bitrs

ENA ($ 0.62), ethereum-based synthetic dollar protocol Ethena, is the Crypto property of today’s top performance. Currently trading at $ 0.60, it is up to 11% in the previous day,

It follows a rapid growth in the circle of Rali Usde, the synthetic dollar-peg stabechoin of Atna. ENA looks to climb in the short term, with rapid technical indicators.

Usde Supply Hits Record $ 8.73 billion as ENA

Casabunt for Ethrakain’s data, the circulating supply of USD is over 3.4 billion dollars since July 16, at an all -time high of $ 8.73 billion.

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Usde circulating supply. Source: Ethercan

This growth reflects the growing user’s adoption and increase in capital flow in protocols because more investors seek stable, yield-generated dollar exposure.

The update in stablecoin supply has promoted positivity around the Eena Eve, even a wider market situation remains uncertain and vaultily. Its price is in double digits today, with major technical indicators indicating rapid speed.

Ana’s speed is made despite recent dip

Technical reading

Eena bbtrend. Source: TardingView

This stable build-up has also been opened because the price of Ana has experienced a projection at the bottom compared to the previous week. For reference, today’s Rali has seen tokens in the period, which reflects a possible reversal.

When the BBTREND bar expands which prices are consolidated, it reflects the latent rapid pressure that occurs on the surfaces. If this speed occurs, ENA can be prepared for further benefits in coming sessions.

In addition, the strength index (RSI) relative to the token confirms this rapid approach. As this writing, this speed indicator is at 62.12 and it is in a turmoil.

Ana RSI. Source: TardingView

The RSI indicator measures overbott and oversold market conditions of a property. It occurs between 0 and 100. The values above 70 suggest that the asset is over and due to the decline in the value, while the values of less than 30 indicate that the property is oversold and can erase a rabad.

RSI reading of ENA indicates that market participants prefer accumulation on distributors. If this trend continues, this prime corner increases in short term.

Ana Bulls targets $ 0.77 – but can they finish this important wall?

At its current price, ENA is below a major resistance level at $ 0.64. This significant value point may reduce the next step of altcoin.

If the speed of the speed intensity and procurement-side press continues, a breakout above this level counts the ENA towards the next major resistance around $ 0.77.

Eena Price Analysis. Source: TardingView

However, if the frequency weakens or there is a market change, the ENA may face a pullback, possibly a $ 0.48 support area declines in tweed.

The post Ethena (ENA) leads the market benefits as USDe Supply Hits All-Time Hits first appeared on the beincto.