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Ethena price jumps 11% amid plans for Ethereal DEX integration

Ethena price jumps 11% amid plans for Ethereal DEX integration

GrafaGrafa2024/10/01 03:55
By:Liezl Gambe

Ethena (CRYPTO:ENA) saw an 11% price increase following the announcement of a proposal to integrate Ethereal, a decentralised exchange (DEX), into its reserve management system.

The integration, which is set to support spot and derivative trading for USDe, Ethena’s synthetic stablecoin, has driven positive market sentiment, with technical indicators suggesting the potential for continued bullish momentum.

The proposal, introduced by user “Fells0x,” includes distributing 15% of Ethereal’s governance tokens to ENA holders, which has further fueled interest in Ethena.

Ethereal DEX aims to offer centralized exchange-level performance while maintaining self-custody, with features such as cross-margin trading and liquidity automation.

The DEX is expected to go live on testnet later this year.

Despite the recent 11% surge, Ethena’s Relative Strength Index (RSI) remains at 54.40, indicating that the asset has more room for growth before entering overbought territory.

The RSI is commonly used to assess whether an asset is overbought or oversold, with values above 70 signaling potential overbought conditions.

At its current level, ENA has space for further gains before reaching that threshold.

Additionally, the Directional Movement Index (DMI) shows strong upward momentum, with the ADX value at 42, confirming the strength of the current trend.

The +DI value, representing bullish pressure, is significantly higher than the -DI, reflecting the dominance of buyers in the market.

These indicators suggest that Ethena’s price rally may continue in the near term.

Looking ahead, ENA could rise by up to 66%, with key resistance zones between $0.41 and $0.46.

However, if the price reverses, weaker support levels between $0.32 and $0.36 could trigger a decline to $0.25.

At the time of reporting, the Ethena price was $0.3812.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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