$ENA


ENAUSDT :
Here with another speculation about crypto assets. This time Ethena token with ENA ticker. Let’s take a look at the project’s information:
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money that is not reliant on traditional banking system infrastructure, alongside a globally accessible dollar-denominated savings instrument — the 'Internet Bond'.
$ ENA
Market Cap: $ 3.61 B
Market Cap Rank: #46
Market Price: $ 1.23
ATH: $ 1.52 (-19.73%)
ATL: $ 0.19 (+523%)
Source: Coin Market Cap
Besides, Trump's World Liberty project spent 500K USDC to buy 509,955 ENA. Not much investment but shows that Ethena is in spotlight. That’s what we need for now from Ethena project. Okay then, let’s see what we have on the chart.
- W1:
Trend:
Price has been in an uptrend for 100 days. Price has broken 3 major resistances in this last week’s uptrend. The first resistance level was $ 0.5 smashed on the 7th. Nov. Price was rejected from another resistance and came back for an S/R test on that $ 0.5. With $ 0.5 proven as support, the price attempted to break another resistance at $0.68. Broken this level too and at its 3rd attempt. $0.77 broken easily and even a major supply of $ 1.05 ~ $ 1.15 was absorbed recently. This is the last known resistance level and will probably be touched again for the S/R test. I’ve marked important levels for a better understanding.
MAs:
On a daily time frame, we can see the golden cross and the Price move above all key MAs. This is bullish as long as it keeps this setup.
RSI:
on a daily time frame, RSI doesn’t look so good. Already in an overbought zone and a bearish divergence is on the chart. This means the price will more likely have a pullback or sideway move before any continuation. In the weekly time frame, we have RSI on the edge of the overbought zone but still have room to develop. This means, I expect a small pullback within the current week and then a bullish continuation to the new ATH.
Stoch. RSI:
Stochastic RSI is in good shape in the daily time frame. Bullish crossover in D1 and value is around 56 which shows strong momentum.
Volume: Volume increased in the daily time frame to validate the breakout from resistance levels.

Supports:
$ 1.00 ~ $ 1.14 broken resistance level
$ 0.95 Ma20 in D1
$ 0.67 Ma50 in D1 – Broken resistance level
$ 0.48 - $ 0.52 Demand zone- Ma200 in D1
Resistances:
$ 1.5 D1 ATH
Fibo extension levels
Conclusion:
All these opinions are mine and can be wrong, so please DYOR.
This coin has strong fundamental and technical advantages
My strategy goes as below:
🛒 Pair: ENA/ USDT 🛒
👑 Bitcharge 👑
🕰 16/12/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
🛒 Buy: $ 1.05 – $ 1.15 🛒
👉Sell Targets👈
🎯TP1: $ 1.30 🥉
🎯TP2: $ 1.45 🥈
🎯TP3: $ 1.65 🥇
🎯TP4: $ 1.85 🚁
🎯TP5: $ 2.05 ✈️
🎯TP6: $ 2.30 🚀
🎯TP7: $ 2.50 🛰
🎯TP8: $ 2.80 🛰
🎯TP9: $ 3.20 ✨
🎯TP10: $ 3.50 ⭐️
⛔️ SL: $ 0.80 ⛔️ by closing D1 Below
(DYOR)

Ethena price has stabilized in the past three days as the developers continued to attract USDe integrations. ENA was trading at $0.58 on Thursday, 12.5% above its lowest level this month. It remains 48% below its all-time high.

Ethena’s developers have announced several integrations recently as its stablecoin continues to gain market share. Last week, Ethena unveiled a partnership with Bitget, one of the biggest crypto exchanges in the world. The partnership means that the company’s 25 million users will be able to use USDe as margin collateral for coin-m margined perpetuals. 

Users will also benefit from zero fee spot trading on the USDe/USDT pair and generate returns in the earn section.

Excited to share one of the most important USDe integrations to dateMore than 25m users at @bitgetglobal can now enjoy:– USDe as margin collateral for coin-m margined perps & futures– Zero fee spot trading on the USDe/USDT pair– USDe in the earn section pic.twitter.com/iPCcBS0vVt

— Ethena Labs (@ethena_labs) June 20, 2024

This week, Ethena unveiled a partnership with Symbiotic, a staking platform. The partnership will enable users to generate staking rewards for staking the ENA token in Mellow. Users will also receive 30x ENA multiplier, Symbiotic points, and future potential for LayerZero allocations. 

Further, Ethena has integrated with AAVE, one of the biggest players in the Decentralized Finance (DeFi) industry. This deal will enable users to deposit the USDe stablecoin and loop their positions with other stablecoins on Aave. They will also be able to deposit stETH, weETH, ETH, and WBTC on Aave to borrow stablecoins into USDe. 

Users are now able to:i) Deposit USDe and loop their position with other stablecoins on Aaveii) Deposit stETH, weETH, ETH and WBTC on Aave to borrow stablecoins into Ethena USDe or sUSDehttps://t.co/rb5R7kjW0f

— Ethena Labs (@ethena_labs) June 6, 2024

Some of the other USDe integrations are with companies like Bybit, BounceBit, and Blast, one of the top layer-2 networks.

These integrations, and its strong rewards, has helped Ethena USDe become the fourth-biggest stablecoins in the industry with a market cap of $3.6 billion and over 232k holders.

Holders love USDe for its strong yield, which stands at about 8.6%, a figure that is higher than what US government bonds are offering. 

Still, there are concerns about whether this yield is sustainable, especially in periods of high volatility. Some analysts have compared its strong yields to that of Terra Luna, which collapsed in 2022. The two biggest risks are the funding rates reversal and counterparty risks. 

Ethena price has stabilized

Ethena’s ENA token has not done well even with the ongoing USDe growth and integrations as it has lost almost half of its value from its all-time high. This performance is likely because of the growing risks about its stablecoin. It is also in line with the performance of most altcoins, which have entered a bear market in the past few weeks. 

Ethena futures open interest

Ethena’s daily traded volume and its open interest in the futures market have also continued dropping after peaking in April. 

Ethena price hourly chart

Therefore, bulls will hope that the small inverse head and shoulders (H&S) pattern that has formed on the hourly chart will work out. In technical analysis, this is one of the most accurate reversal patterns. 

Will ENA's death spiral begin? This is one of the hot topics recently. When I was doing research on the ENA project, I mentioned that this is a currency with extremely polarized potential. Today, I will explain in detail the economic model of ENA and its potential investment opportunities.
ENA's economic model
ENA's economic model is relatively simple, mainly relying on the arbitrage mechanism to profit from the funding rate. In order to make you understand better, let me explain it briefly.
Perpetual contracts have a mechanism to keep the contract price consistent with the spot price. When long orders (buy contracts) are greater than short orders (sell contracts), longs need to pay funding fees to shorts; conversely, when shorts are greater than longs, shorts need to pay funding fees to longs.

Original author: @Peng_Investment (Dapeng Tongfengqi)

ENA (Ethena) makes it possible for the Web3 world to have independent currency (stable currency) issuance and pricing rights, and the future growth potential and imagination space are huge. If you want to know more about the investment research of the ENA project, you can read this article in detail.

Chapter 1 Project Overview

1.1 Project Introduction

When it comes to ENA (Ethena), many people's understanding of ENA is that it is a decentralized stablecoin USDe project, a synthetic dollar protocol based on Ethereum, which provides a crypto-native currency solution that does not rely on the infrastructure of the traditional banking system, and a globally accessible dollar-denominated tool - "Internet bonds". Compared with centralized stablecoins, Ethena has many advantages and some disadvantages. However, in fact, in my opinion, the ENA project actually has a deeper meaning - solving the autonomous currency issuance and basic pricing of the web3 world, and returning the currency issuance right to the web3 world.

Intraday trading is a method of investing in cryptocurrencies where the trader buys and sells cryptocurrencies on the same day without any open positions left by the end of the day. Hence, intraday traders try to either purchase a cryptocurrency at a low price and sell it higher or short-sell a cryptocurrency at a high price and buy it lower within the same day. This requires a good understanding of the market and relevant information that can help them make the right decisions. In the cryptocurrency market, the price of a cryptocurrency is determined by its demand and supply among other factors.
Tools such as candlestick chart patterns offer great help to traders. We will talk about these Candlestick Charts and offer steps to help you read them.
What are Candlestick Graphs/Charts?
Candlesticks are a visual representation of the size of price fluctuations. Traders use these charts to identify patterns and gauge the near-term direction of price in the cryptocurrency market.
Composition of a Candlestick Chart
This is how a candlestick chart pattern looks like:


As you can see, there are several horizontal bars or candles that form this chart. Each candle has three parts:
The BodyUpper ShadowLower Shadow


Also, the body is colored either Red or Green. Each candle is a representation of a time period and the data corresponds to the trades executed during that period.
A candle has four points of data:

How to Analyze Candlestick Chart for Cryptocurrencies
The body of the candle in a candlestick chart represents the opening and closing price of the trading done during the period for a particular cryptocurrency. Understanding this is crucial for candlestick trading. Traders can quickly see the price range of the cryptocurrency for the said period by looking at the chart. Moreover, the color of the body indicates whether the price is rising or falling. For instance, if a candlestick chart for a month with each candle representing a day has more consecutive red candles, then traders know that the cryptocurrency's price is falling.
Vertical lines called wicks or shadows above and below the body show the highs and lows of the traded price of the cryptocurrency. Traders can use this information to analyze the sentiment of the market towards the cryptocurrency.
Candlestick Chart Patterns
Candlestick charts are an excellent way of understanding investor sentiment and the relationship between demand and supply, bears and bulls, greed and fear, etc., in the cryptocurrency market. Traders must remember that while an individual candle provides sufficient information, patterns can be determined only by comparing one candle with its preceding and next candles. To benefit from them, it is important that traders understand patterns in candlestick charts.
Let's divide the patterns into two sections:
Bullish PatternsBearish Patterns
Analyzing these patterns can help traders make informed decisions about buying or selling cryptocurrencies.
Bullish Patterns
Hammer pattern
This is a candle with a short body and a long lower wick. It is usually located at the bottom of a downward trend. It indicates that despite selling pressures, a strong buying surge pushed the prices up. If the body is green, it indicates a stronger bull market than a red body.


Inverse Hammer pattern
This is a candle with a short body and a long upper wick. It is usually located at the bottom of a downward trend too. It indicates buying pressure followed by selling pressure. It also indicates that buyers will soon have control.


Bullish Engulfing pattern
This is a pattern of two candlesticks where the first candle is a short red one engulfed by a large green candle. It indicates a bullish market that pushes the price up despite opening lower than the previous day.


Piercing Line pattern
This is a two-candle pattern having a long red candle followed by a long green candle. Also, the closing price of the second candle must be more than half-way up the body of the first candle. This indicates strong buying pressure.


Morning Star pattern
This is a three-candle pattern that has one candle with a short body between one long red and a long green candle. There is usually no overlap between the short and the long candles. This is an indication of the reduction of the selling pressure and the onset of a bull market.


Three White Soldiers pattern
This is a three-candle pattern that has three green candles with small wicks. These candles open and close higher than the previous day. After a downtrend, this is a strong indication of an upcoming bull trend.


Bearish Patterns
Hanging Man pattern
This is a candle with a short body and a long lower wick. It is usually located at the top of an upward trend. It indicates that the selling pressures were stronger than the buying thrust. It also indicates that bears are gaining control of the market.


Shooting Star pattern
This is a candle with a short body and a long upper wick. It is usually located at the top of an upward trend too. Usually, the market opens higher than the previous day and rallies a bit before crashing like a shooting star. It indicates selling pressure taking over the market.


Bearish Engulfing pattern
In candlestick chart analysis, this is a pattern of two candlesticks where the first candle is a short green one engulfed by a large red candle. It usually occurs at the top of an upward trend. It indicates a slowdown in the market rise and an upcoming downtrend. If the red candle is lower, the downtrend is usually more significant.


Evening Star pattern
This is a three-candle pattern that has one candle with a short body between one long red and a long green candle. There is usually no overlap between the short and the long candles. This is an indication of the reversal of an upward trend. This is more significant if the third candle overcomes the gains of the first candle.


Three Black Crows pattern
This is a three-candle pattern that has three consecutive red candles with short wicks. These candles open and close lower than the previous day. After an upward trend, this is a strong indication of an upcoming bear market.


Chart patterns can be used to understand trends and sentiment of the cryptocurrency markets. There are several other patterns to explore in order to gain a deeper understanding of market movements. Use this as a starting point and continue to learn and refine your analysis skills.

Happy trades and successful investments!
#Write2Earn‬ #Bitcoin #Binance
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$SOL

$BNB

Candle Trading 101: A Beginner's Guide
Candlestick trading is a popular method for analyzing financial markets, particularly favored by technical analysts. It uses candlestick charts, a visual tool developed in Japan centuries ago, to represent price movements over specific time periods.
The Anatomy of a Candlestick

A candlestick consists of:
● Real body: The wide part of the candle, showing the open and close prices.
● Color: Indicates whether the closing price was higher (green/white) or lower (red/black) than the opening price.
● Wicks (shadows): The thin lines above and below the real body, representing the highest and lowest prices during the period.
Reading Candlestick Patterns
Candlestick patterns emerge from the combination of multiple candles, offering insights into potential future price movements. Some common patterns include:
● Bullish engulfing: Indicates potential upward trend reversal.
● Bearish engulfing: Indicates potential downward trend reversal.
● Doji: Indicates market indecision.
● Hammer: Indicates potential bullish reversal in a downtrend.

Getting Started with Candle Trading
1. Learn the Basics: Familiarize yourself with candlestick anatomy and common patterns.
2. Choose a Trading Platform: Many platforms offer candlestick charts and analysis tools.
3. Practice: Start with a demo account to practice identifying patterns and making trades.
4. Develop a Strategy: Combine candlestick analysis with other indicators and risk management techniques.
Key Tips for Beginners
● Start Simple: Focus on a few patterns at first.
● Be Patient: Don't expect instant success.
● Manage Risk: Use stop-loss orders to limit potential losses.
● Stay Informed: Keep up with market news and events that could affect your trades.
Candlestick trading can be a powerful tool for analyzing financial markets, but it requires
practice and dedication. By starting with the basics and gradually developing your skills, you can potentially improve your trading decisions and achieve your financial goals.
#EarnFreeCrypto2024

Ethena’s USDe Market Cap Surges $100M in Three Days Read CoinChapter.com on Google News

YEREVAN (CoinChapter.com) — The recent excitement around the potential approval of a spot ether ETF by the SEC has led to a significant surge in Ethena’s synthetic dollar cryptocurrency, USDe. The market cap of USDe increased by $100 million in just three days, reaching $2.6 billion from $2.45 billion on May 20, 2024. This growth is directly tied to increased Ethereum open interest and rising perpetual funding rates across the market.

Ethena USDe Market Cap Chart. Source: CoinGecko Ethena’s Staking Yields Soar, Ethereum Interest Hits New Highs

Ethena’s USDe staking yield has become more appealing to investors, jumping from 27.55% on May 14 to 37.2%. This sharp increase is due to Ethena staking ETH and earning a funding rate for opening short derivative positions. Investors benefit from these funding fees paid by traders holding long positions in futures derivatives markets, driving up the value of USDe.

The optimism about the SEC’s potential approval of a spot ether ETF has also led to a sharp rise in Ethereum open interest on exchanges. On May 20, Ethereum’s open interest stood at 2.8 million ETH. This figure has since risen by 10% to 3.1 million ETH, amounting to about $11.58 billion. This represents an all-time record high in open interest.

Ethereum Open Interest Soars Across All Exchanges. Source: CryptoQuant

Traders in the perpetual futures market have aggressively opened long positions, expecting a positive outcome from the SEC. Ethena’s founder, Guy Young, noted, “The increase in both open interest and funding is and will continue to be a large tailwind for Ethena.”

Ethena’s Governance Token ENA Shows Mixed Performance

While USDe has shown impressive growth, Ethena’s native governance token, ENA, has experienced some fluctuations. ENA has dropped 5% in the past 24 hours but has increased by 13% over the past seven days, trading at 83 cents.

Ethena ENA Price Chart Reflects Recent Performance. Source: CoinGecko

Despite the recent dip, ENA’s overall weekly growth indicates a positive trend. Investors continue to monitor its performance closely, especially in the context of the broader market movements driven by the Ethereum ETF news.

Analysts and Market’s Reactions

Bloomberg ETF analysts Eric Balchunas and Jeff Seyffart have played a significant role in this surge. They recently increased their odds of the SEC approving a spot ether ETF to 75%. This bullish outlook has contributed to the market’s positive sentiment.

The overall market reaction underscores the interconnectedness of various factors driving the growth of Ethena’s USDe. Increased open interest, higher funding rates, and the anticipation of the SEC’s decision have all played pivotal roles in this development.

The post Ethena’s USDe Market Cap Surges $100M in Three Days appeared first on CoinChapter.