Important collection restaurants
The announcement of the ENA Treasury Company saw the price rise beyond the $ 0.5 resistance level. The daily purchase, combined with the market demand, can be sufficient to make the rally even higher in the coming weeks.
Ethena [ENA] Recently announced the establishment of a new Ethena Treasury company, Stablecoinx Inc. In one Post on X” Ethena Labs Explained that they picked up $ 360 million to buy Ena. They will also try to mention their stock on Nasdaq under the symbol used.
From Monday, July 21, ENA will be purchased daily for $ 5 million in the course of the next six weeks. At the time price, Ethena Labs noted that $ 260 million represented 8% of the total circulating stock. The announcement also reads,
‘It is important that the Ethena Foundation has the right to reduce the sale of a veto $ Ena By stablecoinx to your own discretion. In the ideal case, tokens will never be sold with a single focus on accumulation. “
The Stablecoinx Treasury strategy focuses on a deliberate, multi-year capital allocation approach. This is huge bullish news for Ena. Especially since it managed to climb past a resistance zone that has been in the game since February.
Ena conquers psychological resistance of $ 0.5
Source: Ena/USDT on TradingView
The A/D indicator passed a local high from July and the CMF was above +0.05 mark. This underlined a strong demand for Ethena and considerable capital inflow on the market. Moreover, the daily trade volume bars have been far above the 20-day advancing average in the last ten days.
The great oscillator also showed a good bullish momentum. The 1-day market structure was also sturdy bullish. At the time of the pressure, the Altcoin no longer seemed limited due to the $ 0.5 resistance.
It shredded meandering between $ 0.5 and $ 0.25 since April emphasized a range and a consolidation phase. This has since made way for a bullish trend in the charts.
The 1-week liquidation heat revealed that there was a chance of a price racement for the $ 0.45- $ 0.47 zone. This can be the nearest magnetic zone of a considerable size.
It coincided with the resistance from February. A retest of the former supply zone can come because the demand would offer good buying. Finally, investors must be aware of possible volatility around Bitcoin [BTC].
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer