- Ethena price increased by 140% in one month and is trading around $0.60 with bullish technicals and increasing trading volumes of over 1.1B.
- TVL on Ethena is now $9.47B and ranked in 6th place in DeFi as supply of USDe increased by 75% to a market cap of $9.3B.
- In July, Ethena recorded 2.96B in inflows and 36.5M in fees indicating a robust demand and protocol development.
Ethena price is trending strongly as its units trade around the $0.5999 mark with a gain of more than 1% on the day. There is strong interest in the asset, with technical indicators and an increase in the ecosystem suggesting a possible $0.70 target.
Ethena Price Holds Above $0.59 as Technical Indicators Show Bullish Setup
TradingView data indicates bullish trends further on the ENA daily Binance chart, where the current Ethena price is $0.599, and the change rate is +1.04%. The fact that a recent green candle has appeared after a minor consolidation indicates new interests of buying, which ties to the overall momentum of the upward trend, which occurred in mid-July when ethena price bounced off the levels of $0.30 and climbed to $0.60 and above.
The Moving Average Convergence Divergence (MACD) (12,26,9) line remains above the signal line indicating a bullish crossover but the histogram that shows momentum is declining. As long as MACD keeps above the zero line, the overall trend will be cautiously positive despite the early signs of potential weakening.
Source: TradingView
Relative Strength Index (RSI) (14) is 61.86 and is not overbought and this value suggests that the asset has gone cooler and might be expected to move upwards without overextending. The ethena price action is now above some of the key support levels and is consolidating just below the $0.60 area which could become a point of the next upward movement in case there is renewed bullish volume.
Ethena Price Supported by Soaring TVL and Stablecoin Growth
The Ethena ecosystem has been evolving at an accelerated rate in the last month due to the increased user demand and the growth in the protocol. Its synthetic stablecoin, USDe, has increased by 75% in the supply amounting to a $9.3 billion market cap, which ranks as the third-largest stable coin behind USDT and USDC, according to DeFiLlama.
The protocol now has a Total Value Locked (TVL) of $9.47 billion, which ranks it number six among the DeFi platforms. This is enhanced by good yields, new integrations and increasing adoption. In July, $2.96 billion in USD inflows was tallied and platform fee was up to $36.5 million.
Source: DeFiLama
Ethena price has surged by 140% in the last one month, and it has bounced 15% against recent selling pressure today. Daily trading volume also increased up to 20% to surpass the amount of more than a billion dollars, a sign of impressive market interest.
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