Although, although ENA released good news yesterday, and the Yzi Lab, ENA team, etc. rushed to the exchange with tokens Yesterday, I considered it an uninvestable variety, the pattern is just this small But, If the price is below 0.7, the treasury company will buy 10 million USD every day If the price is above 0.7, the treasury company will buy 5 million USD every day USDe has been listed on Binance, expanding its use cases ENA has been listed on OKX, increasing buying pressure Currently, there has been quite a bit of pullback from the highs, but the hourly chart has stabilized After all, it is the fastest-growing stablecoin, increasing by 100 million USD in TVL every day The yield during the interest rate cut cycle will be more attractive to institutions, after all, a yield of 8-18% is not easy to find (the wallet on the TON chain still has 17.65%) From the K-line pattern, it is either preparing to go up in a cup and handle pattern or a double top A small buy to bet on a...
$ENA had a mega "sell-the-news" event yesterday when the fee-switch was announced by the team, with everyone and their mum dumping the token on the announcement (76c -> 68c).
Think there's a potential cup-and-handle play here, with upcoming FOMC decision and rate-cut cycle making USDe's yields more appealing to asset managers. TVL is still increasing at a rate of $100m a day and has been this way for past few weeks, which is very impressive. I do think that we might have a bull run in Q4, and ENA is among the best bull market tokens.
In addition, 70c is a key psychological level established by StablecoinX (Ethena's DAT), as they are doubling their buybacks from $5m a day to $10m a day when prices are below 70c.
Funny thing is, I just realized the chart could either mean a cup-and-handle in formation, or a double-top. Breaking out of the downward channel is the key.
Big week ahead indeed.
10.78K
1
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.