$ENA

ENA keeps gaining DeFi confidence, thanks to increasing USDe TVL, alongside some bullish technicals. In the meantime, short-term momentum looks to be quite healthy, essentially supporting a bounce from the roughly $0.59 support level to challenge the $0.64 to $0.70 resistance level. If buying pressure continues, targets of $0.77 to $0.90 become even more viable.

Nonetheless, the weekly chart remains unconvinced: the price is still stuck within a symmetrical triangle and needs a clearer breakout to confirm the trend and spend more time in bullish territory. A noteworthy token unlock in early August adds some caution—though to this point the market seems to have digested it just fine.

As was the case in the past, the risk of this trade remains present if the broader crypto market outlook declines, or if the funding rates in the derivatives market go negative. In short: ENA presents a bullish short-term outlook, heavily relying on technical and fundamental growth—though it needs to be treated with caution until it clearly breaks out of its longer-term range.