Ethena’s Golden Cross Signals Another 87% Surge—Deja Vu or Destiny?
History loves a repeat performance. Ethena's chart just flashed the same bullish golden cross that triggered an 87% moonshot earlier this year—and crypto traders are scrambling for front-row seats.
When technicals scream 'buy,' even the skeptics pay attention. The last time these moving averages kissed, Ethena defied gravity for weeks. Now? The pattern's back, and the market's itching to see if lightning strikes twice.
Of course, in crypto-land, 'technical analysis' often just means 'finding pretty shapes to justify FOMO.' But with gains like these? Nobody's complaining—until the inevitable correction, anyway.
Why did ENA rally today?
ENA’s rally today could primarily be due to improved investor sentiment as USDe, its synthetic stablecoin, surpassed $10 billion in circulating supply, marking a major milestone for the project. Notably, this milestone was reached with just 500 days since the stablecoin was launched, making USDe one of the fastest-growing stablecoins in the crypto industry.
Besides strong growth in its stablecoin, ENA’s rally has also been drawing strength from investor euphoria over ethereum (ETH) breaking past $4k, a psychological resistance level it has struggled to surpass since December last year.
Ethereum has rallied over 20% over the past 7 days, significantly outperforming Bitcoin, which was up less than 7% during the same time period.
Strong Ethereum rallies often bode well for popular Ethereum-based projects. Since Ethena’s collateral reserves and hedging strategies are heavily ETH-based, Ethereum’s strong performance over the past week has noticeably strengthened the valuation of the protocol’s reserve, which in turn reinforces confidence in USDe’s stability. As such, ENA often moves in tandem with Ethereum.
Another bull case seems to be the demand for ENA across Korean markets. Some community members have observed that Korean investors have been increasing their exposure to Ethena over the past weeks, as highlighted by X user Ponyo.
Koreans are loading up $ENA rn 👀
For context, CRCL was the most traded foreign stock in Korea, with ~$443m in net buys from local investors in June alone.
Korean retail demand for stablecoin plays is already proven. pic.twitter.com/eSE7mtdAXP
ENA price analysis
ENA broke out of a descending parallel channel in early July as investor demand picked up. Since then, it has climbed over 200% to $0.81 as of press time.
On the daily chart, the 50-day simple moving average has crossed above the 200-day simple moving average, forming a “golden cross.” This pattern often signals the start of a strong uptrend. The last time ENA formed a golden cross in late November, it gained more than 87% to reach its December peak of $1.33.
The current price structure also looks similar to that period, suggesting a possible recurrence of the earlier rally.
If ENA were to replicate the November rally in percentage terms, the projected target WOULD be around $1.14.
Momentum indicators were also pointing higher at press time. The MACD line had moved above the signal line, a crossover often seen as confirmation of upward momentum, suggesting that buyers remain in control. The RSI is also in overbought territory after ENA’s sharp gains.
While this condition sometimes precedes short-term pullbacks, strong rallies backed by robust fundamentals can sustain overbought readings for an extended period. Nonetheless, minor corrections could occur before ENA’s next leg up.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
