$ENA

Technical Analysis ENA USDT

Key Catalysts:

- Growth of the USDe Stablecoin: The supply has reached a record level of $6.08 billion (+$700 million recent growth), placing the USDe coin of Ethena among the top stablecoins.

- Speculations about fee conversion: Activation is approaching, with only one factor remaining (joining CEX and APY spread), which could create additional upward pressure.

- Decentralized finance integrations: The upcoming launch of Converge Chain and key partnerships (Terminal Fi and Strata Money) confirm the expansion of the Ethena ecosystem.

Forecast:

In the short term, ENA may face slight corrections due to Relative Strength Index (RSI) conditions, but strong fundamentals and the bullish market structure support its continuation. If momentum continues and fee conversion is activated, ENA may target the annual VAH price near $0.65.

Closely monitor APY spread metrics and exchange listings, as they remain key motivating factors.