USDe supply hits a new high, Ethena (ENA) price surges strongly and is expected to challenge 0.77 USD

The Ethereum ecosystem's synthetic dollar protocol Ethena (ENA) has recently become the market focus. With its stablecoin USDe circulating supply reaching a historical high, the price of ENA has also surged significantly in a short period, making it one of the best-performing crypto assets currently. This article will combine on-chain data and Technical Analysis to analyze ENA's latest market trends and future potential.

USDe supply surge drives ENA market heat

According to Etherscan data, the circulating supply of USDe has surpassed 8.73 billion USD, an increase of over 3.4 billion USD since July 16, setting a historical high for the protocol. This explosive growth reflects a continuous increase in user adoption, a significant rise in capital inflow, and a surge in investor demand for dollar-pegged assets.

The rapid expansion of USDe supply has not only enhanced the network effect of the protocol itself but also directly increased the market attention and buying pressure on the ENA token.

ENA Technical Analysis is bullish, short-term bullish momentum is obvious

Currently, ENA is priced at approximately 0.60 USD, with a 9% increase in the past 24 hours. Although there has been a recent pullback, the daily chart BBTrend (Bollinger Bands Trend) indicator has been continuously expanding since the end of June, indicating that buying momentum is gradually accumulating.

Today's rebound is the strongest one in the past week, indicating that a reversal may be on the horizon in the short term. When BBTrend expands during price consolidation, it usually signifies that a potential breakout is imminent.

In addition, the Relative Strength Index (RSI) is currently at 62.12 and is on an upward trend, indicating that the market is still leaning towards accumulation rather than selling. As long as the RSI does not enter the overbought range (above 70), the bullish trend is likely to continue.

Key Resistance and Support Levels: $0.64 and $0.77 in Focus

At the current price, ENA is approaching the important resistance area of 0.64 USD. If the bullish momentum continues to strengthen and breaks through this area successfully, the next target will point to the main resistance level of 0.77 USD.

On the contrary, if market sentiment weakens or demand slows down, ENA may test the support area around 0.48 USD, at which point it is necessary to observe whether buying pressure can hold up again.

Conclusion

USDe supply has reached a new high, providing strong fundamental support for Ethena (ENA). Technical indicators show clear bullish momentum, and ENA is expected to challenge resistance areas of 0.64 USD and even 0.77 USD in the short term. However, investors still need to be wary of market volatility and sentiment changes, flexibly adjusting their trading strategies to seize structural opportunities in the altcoin market.