#ProjectCrypto Why is the price of $ENA rising?
The 13.9% increase in the price of Ethena (ENA) in 24 hours reflects a combination of strategic developments in its ecosystem, technical support levels, and a general market momentum.
1. Expansion of the token's utility through restaking and improvements in governance.
2. Technical rebound from a key Fibonacci support at $0.592.
3. Sustained growth of USDe (over $8 billion in TVL) and a buyback program.
#MarketPullback The rebound of ENA combines specific improvements in the protocol's utility with broader gains in the crypto market (+2.11% in total capitalization). Although the unlocking of tokens on August 5 ($95.8 million) is approaching, the reduction of liquid supply due to staking mandates and the growth narrative of USDe seem to be predominant factors.
Point to watch: Can ENA maintain momentum above the 200-day exponential moving average ($0.412) if BTC dominance (61.38%) continues to rise?.