ENA (ENA)

#ENA Descending Channel Formation Ready to Break🚀 Ethena has bounced off the lower support zone while trading within the descending channel on the 3-day chart🔍 A multi-week rally could push the price toward targets at $0.35, $0.46, $0.67, $0.88, $1.32, $2.00, and $3.00🎯 https://t.co/oseyUySufa

Ethena has deployed its own Perps market on Hyperliquid HIP3 @hyenatrade, and will receive 50% of the fee revenue. Hyperliquid's annual fee revenue is about $1 billion. Assuming HyENA can capture 20% of that scale, that's $200 million, with the deployer taking $100 million. How much of an uplift is this for Ethena? According to TokenTerminal statistics, Ethena's total revenue over the past year was $430 million. The future focus of USDe has gradually expanded from delta‑neutral to Stablecoin‑as‑a‑Service, aiming to broaden USDe's application scenarios. When yield strategies cannot support large volumes in a bearish market, this serves as a complementary driver for stablecoin market‑cap growth. Of course, this depends on how much trading volume HyENA can achieve; it may not be 20%. Everyone can evaluate based on their own expectations.

November seems to have been a pretty busy month for @ethena_labs . We saw new exchange listings, expanding integrations and some solid steps toward strengthening the overall ecosystem. The new oracle transparency dashboard stands out, and USDe’s growing presence across different platforms is becoming more noticeable. On the TVL side, Strata’s growth and USDe being used as 100% collateral for projects like HONEY are also meaningful signals. Looking at the bigger picture, it feels like Ethena has been scaling both its liquidity and institutional integrations at the same time. What really matters now, in my view, is how all of this translates into real usage going forward.

This is one of the reasons we were looking for this trade on $ENA. I have the view that $ENA is a beta play on $ETH so should out perform. This is true so far even from this bounce. In the last 3 days $ENA is up 24% and $ETH is up 17%. Now as you'll notice above, our trade isn't live. I bid just below the range in case of a wick into liquidity and to wipe structural longs. I have left this bid there in case of any trickery in markets. As I discussed the other day, bottoming patterns are tricky and often whip around a lot trying to shake bulls out of leveraged positions. So far, $ENA hasn't managed to set a LTF higher high, but it has seen a slightly higher low. It could be argued we've formed a range as momentum indicators turn more bullish or at least the bearish momentum slows. During these periods it is definitely possible to see some manipulation potentially deviating to the downside and giving us this fill in our position. Now, this doesn't have to happen, with some strength we can definitely breakout to the upside here. However, the best R/R for a trade is where we are. Let's see what the future brings.

$ENA / $USD - Update 0.31c reclaim into support is your long entry, not right now at resistance. https://t.co/M6TBY4Bz5D

I get the frustration. People recently were asking me if their Terminal position was gone. They had good TVL in pre-deposits and panicked when they saw the shutdown announcement. ➟ All pre-deposits stay redeemable ➟ If you're holding Terminal YT positions on Pendle, you keep every Ethena reward you earned + your sUSDe APY (running at ~5% right now) While Terminal shut down, I watched what else was moving in the @ethena_labs ecosystem over the last few weeks. ‣ Ethereal launched alpha perps trading in October. Mainnet prep is happening now, broader beta coming soon ‣ Strata crossed $222M TVL on Ethereum ‣ BasedOneX is handling ~20% of all Hyperliquid perps flow. Became the highest yield app there ‣ Recently USDe got added as a quote asset on Hyperliquid HIP-3 perps which is the setup for HyENA's native launch ‣ Reya integrated USDe ‣ Nunchi announced their HIP-3 collaboration ‣ Berachain apps came in ‣ MegaETH partnered to introduce USDm ‣ Jupiter partnered to introduce JupUSD One team walked away. But while they did, I'm watching other teams ship products, cross TVL milestones and add integrations. Expecting @ethena_labs to bounce back stronger.

$Ena if it closes above 0.2978, it can be followed. https://t.co/Oe1okp6yCA

$ENA 🚀 ENA has delivered a clean +30% bounce directly from the horizontal support zone exactly where the reaction was expected. As long as this support holds, the chart suggests more upside potential from here. #Crypto #ENA https://t.co/LyTApZSlq7

🚀 Crypto market is expanding already 21Shares expands its offering with ETPs from @ethena_labs and @Morpho, moving the price of $ENA. 📰 Full article: https://t.co/9HiJstgB8S

$ENA is holding strong above the key support zone, showing clear buyer interest. If this momentum continues, price could push toward the upper resistance zone. Losing this support, however, may open the door for another decline. DYOR, NFA #ENA #ENAUSDT https://t.co/OTQrjVJhAY