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Ethena Price Poised for a Rally to $1.50 as Binance is Set to List Ethena USDe

Highlights:

  • Ethena price hovers around $0.84 as bulls target higher levels. 
  • Binance reveals it will list Ethene USDe, igniting bullish momentum in the ENA market.
  • The recent announcement has stirred bullish predictions as Arthur Hayes eyes a rally to $1.50 in ENA.

The Ethena price is showing strong momentum, rallying 10% to $0.84. Accompanying the price movement is its daily trading volume, which is up 138% to $1.3 billion. Meanwhile, a significant breakthrough in the decentralized finance sector, Binance has confirmed the addition of Ethena USDe to its list, sparking excitement throughout the crypto community. The move will increase the exposure of Ethena, a protocol that is aimed at advancing the synthetic dollar. This can also result in faster implementation and a more focused investment strategy.

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The flagship product of Ethena is the USDe. It aims to provide a decentralized yield-bearing alternative to stablecoins. Delta-neutral positions of staked ETH and perpetual futures support it. Being listed on the world’s largest centralized exchange opens up the possibility of liquidity inflow and market entry. Additionally, both its native currency, $ENA, and the USDe asset itself will have more decisive price action in the future.

In line with the momentum is the constituent ecosystem metrics of Ethena. The data of DeFiLlama has shown that the protocol has gathered a Total Value Locked (TVL) of $13.097 billion, which reinforced its presence as one of the leading players in the DeFi industry.

Ethena Total Value Locked. Source: DeFiLlama

Besides, Ethena has already gathered a total revenue of about $656.19 million annually. Another $34.25 million in fees and earnings. Moreover, having no incentives of its own, demonstrates that there is a healthy organic demand for the services of Ethena. 

Ethena Price Poised for Further Upside

Technically, the Ethene price has formed a rounding bottom pattern, commonly associated with a bullish breakout. Further, the token has painted a bullish picture, as the bulls have established a strong support floor around $0.66 and $0.42.

Ethena price
ENA/USD 1-day chart: TradingView

The Relative Strength Index (RSI) is at 64.76, showing a positive outlook. However, there is still more room for more upside before the ENA token is regarded as overbought. In the meantime, MACD (Moving Average Convergence Divergence) histogram and lines indicate high levels of positive divergence that support the bullish trend as the buy-side pressure is growing.

Is a Rally to $1 Imminent in ENA?

According to the volume analysis of DeFiLlama, there is renewed interest among traders. The increase in the trading volume of the ENA is in line with the recent rise in its price, indicating not just momentum but also involvement. Ethena’s volume has risen 138% in a day, a sign the community is jumping in. If ENA holds above $0.80, there could be a test at the $1.00 mark.

Moreover, Arthur Hayes is more bullish on the Ethena price, predicting a rally towards $1.50. Conversely, a drop below the $0.80 mark could cause further downside in Ethena price towards $0.66(50-day SMA).

 

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