- The correction of Ethea prices echoing in the flag standard could lead to a temporary response in the short term with possible charging.
- Since last month, Ethena’s USDE offer has bounced 75% to reach $ 9.29 billion, making the third largest Stablecoin from the market ceiling.
- Since mid -July, the total volume locked (TVL) in ENA bounced from $ 5.48 billion to $ 9.65 billion, representing an increase of 75%.
ENA, the encryption of the Ethena synthetic dollar protocol, shows a slight increase of 2.5% on Monday, August 5th. Intraday market pressure is aligned with the wider market relief rally after a significant correction last week. If the recovery manages to overcome the prevailing sales pressure, the business could repeat its downward trend and challenge a distribution of less than $ 0.5. However, the data in the chain highlights a significant increase in supply to USDE, indicating the increasing confidence of investors in the Ethena ecosystem and a strong influx of capital. Fundamental growth will push ENA to a $ 1 rally?
Ethea priced correction deepen as chain data signals continue the risk of selling
Last week, the price of Ethena has shown a brief correction from $ 0.7 to the recent $ 0.51 correction, representing a loss of 27%. While Downswing followed a wider market removal, recent data in the chain reveals a remarkable increase in ENA exchange inflows, marking the risk of prolonged correction.
In a recent tweet, market analyst Ali Martinez He stressed that over 250 million ETH have been sent to exchanges in the last two weeks. Increasing the ENA transport to exchange involves increasing sales pressure, as investors may prepare to unload farms in the midst of market uncertainty.
The analysis of the four hours of ENA value diagram shows the current correction resonated in the formation of a bull pattern. The diagram adjustment is characterized by a long rising pole that reflects the dominant market voltage in the market, followed by a temporary pleasure in two parallel voltages.
Today it is negotiated at $ 0.6, the currency price is only 6.8% smaller than the challenge of the flag resistance of $ 0.64. A possible unblocking from this resistance will speed up the market pressure and push ENA to a $ 0.7 rally.
However, if the power pressure on the dynamic resistance remains, the coins will lead to another Bearish swing within the standard and will cause a bearish movement under the $ 0.5 psychological support.
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ENA ready to unblock the cup and the handling plan
Despite the expected price correction, Ethea Stablecoin’s synthetic dollar, USDE, recorded a stunning 75% increase in commission last month, according to Defillama data. The offer has now reached $ 9.29 billion, pushing USDE over Sky Follow (USDS) to make the third largest stablecoin from the market ceiling.
At the same time, Ethena steadily climbed the Defi staircase to make the sixth larger protocol with a total locking volume (TVL), enhancing increasing users’ confidence and the influx of capital into the platform.
The sharp increase in supply and TVL indicates a significant capital rotation between the Ethea ecosystem, with pirate natives and supervisors who have realized the risk of being attracted to the protocol.
Daily analysis of the ENA price map shows that recent surfaces within the flag patterns could boost buyers to complete a Cup reversal pattern. The diagram adjustment is characterized by a long -shaped tension with a U -shaped recovery followed by temporary enjoyment to recover the exhausted inflated momentum.
Thus, a possible unblocking of the neckline of $ 0.7 will signal a significant change in market dynamics. The post -leak race could push the price over 64% to hit the original target of $ 1.15.
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