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ENA price doubles in one day after launch on central stock exchanges

The new cryptocurrency Ethena (ENA) was launched just a few days ago, after rising sharply upon its launch on cryptocurrency exchanges earlier this week. The token's price peaked on Thursday at $1.22 before falling back to $0.90.

Why did Ethena Coin (ENA) explode immediately after launching on the platforms?

Having corrected $0.90 at the time of writing Friday morning. She is still The value of Athens (ENA) It shows a profit of over 67.3% from the initial coin offering (ICO) price. The total value of the token also reached $1.28 billion. What keeps him busy Rank 89 Among the largest cryptocurrencies on the market.

Remember that ENA is the native token of Ethena Labs. It is a decentralized finance (DeFi) protocol that offers USDe (known as the “artificial dollar”) and acts as a token for network management.

👈Read more: How can we prepare for the next altcoin season?

This performance was very exciting, especially since it coincided with the generally bearish atmosphere in the cryptocurrency market. The sharp increase in the price of Athena is also partly explained by its simultaneous launch on several major exchange platforms. Including the giant exchange Binance.

The project also benefited from positive feedback from the former CEO of BitMEX, Arthur Hayes, which is widely followed in its current trajectory. Many of his expectations were met. He published that he expects the price of ENA to increase to $10, more than 10 times its current price.

Other leading names in the cryptocurrency world have also welcomed the project. Like Delphi Labs, which considers ENA one of its strongest beliefs, and expects USDe to become the most important alternative stablecoin to USDT and USDC from this year. These expectations are based in part on the fact that Athena offers a particularly attractive program for USDe, with an APY of 35.4%.

The $1 threshold is the key to Athena's near-term development

From a technical analysis perspective, the ENA trend displayed on the daily charts is an uptrend. And it will remain so as long as the cryptocurrency maintains the $1 threshold.
Below $1, the next reliable support zone will be around $0.70, while in case of a retracement rally, $1.055 will be the first hurdle.

👈Read more: Free distribution of 750 million ENA coins on April 2

Overall, the correction from yesterday's high could provide a buying opportunity, especially as the token quickly regained the key $1 threshold after a short test before losing it more ago of 12 hours. However, it remains unlikely that ENA will explode again as much as when it launched earlier this week.

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