Ethena Surge: What Behind ENA's 13% Rise?

by Giorgi Kostiuk

a year ago

Today's cryptocurrency market surprised with significant upward movements in major altcoins, with Ethena (ENA) taking the spotlight by surging over 13% in the past 24 hours.

Impact of Trump’s World Liberty Financial

A key driver of this rally was the recent accumulation of ENA by Trump’s World Liberty Financial. The fund spent $500,013 USDC to purchase 509,955 ENA tokens at an average price of $0.981.

ENA's Reversal Growth

With today's rally, ENA has made a strong reversal from its key breakout level of $1.12 and is now holding steady above $1.16.

Future Growth Prospects

If the bullish momentum continues, the token might target its next major resistance at $1.52, which is also its all-time high. However, investors are advised to tread cautiously due to volatile market conditions.

The cryptocurrency market remains unpredictable, but Ethena (ENA) has potential for further growth if current trends persist. It is advised to be cautious with investments.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Tuttle Capital Submits Application for Groundbreaking Crypto ETF

Tuttle Capital has submitted an application for a new ETF called Crypto Blast, which integrates stock options strategies with cryptocurrency investments.

Tomas Novaka minute ago

India's Madras High Court Legally Recognizes XRP as Property

India's Madras High Court has legally recognized XRP as property, enhancing protections for cryptocurrency holders.

Maya Lundqvist6 minutes ago

South Korea's Financial Services Commission Takes Action Against Crypto Manipulation

The Financial Services Commission (FSC) of South Korea has filed formal complaints regarding two cases of alleged cryptocurrency market manipulation to combat illegal activities and protect investors.

Katerina Papadopoulou6 minutes ago

Bitmine and SharpLink Face Massive Unrealized ETH Losses

Bitmine and SharpLink are facing significant unrealized losses on their Ethereum holdings due to the decline in Ethereum's market price.

Li Weicheng10 minutes ago

Terra Classic Community Makes Strides in Rebuilding

The Terra Classic community has made significant progress in rebuilding after the 2022 crash, transforming LUNC into a community-driven, open-governance network while demonstrating resilience and innovation amid regulatory challenges.