{"id":1989,"date":"2025-06-04T10:53:45","date_gmt":"2025-06-04T10:53:45","guid":{"rendered":"https:\/\/bitunikey.com\/news\/can-ena-rally-to-1-with-a-coinbase-listing-on-the-horizon\/"},"modified":"2025-06-04T10:53:46","modified_gmt":"2025-06-04T10:53:46","slug":"can-ena-rally-to-1-with-a-coinbase-listing-on-the-horizon","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/can-ena-rally-to-1-with-a-coinbase-listing-on-the-horizon\/","title":{"rendered":"Can ENA rally to $1 with a Coinbase listing on the horizon?"},"content":{"rendered":"
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Ethena\u2019s native token has remained unfazed by its recent 40 million token unlock, with bullish technicals now pointing to a potential rally toward $1 in the coming months.<\/p>\n

According to data from crypto.news, Ethena (ENA) was trading at $0.34 on Wednesday, June 4, afternoon Asian time, holding on to gains of over 36% from its year-to-date low. Its market cap was seated at nearly $2 billion with a daily trading volume of $273 million as of press time.<\/p>\n

While the token still trades about 77% below its all-time high, several upcoming developments suggest Ethena could be poised for a strong bullish reversal.<\/p>\n

One of the most promising catalysts is an upcoming listing<\/a> on Coinbase, now that the largest crypto exchange in the U.S. has officially added ENA to its listing roadmap.<\/p>\n

Listings on tier-1 exchanges like Coinbase typically boost visibility, liquidity, and investor access. ENA rallied over 10% following the announcement but had shed some of those gains at press time.<\/p>\n

Another major tailwind is Ethena Labs\u2019 partnership with RWA infrastructure provider Securitize. Together, they\u2019re working on launching a dedicated RWA-focused blockchain called Converge, with the mainnet expected to go live by the end of this quarter.<\/p>\n

<\/p>\n

Additionally, despite nearly 41 million ENA tokens, worth over $12 million at current prices, being unlocked on June 1, the market barely flinched, dropping just 1% over the day. The mild reaction suggests that bullish sentiment is still strong enough to absorb the extra supply without causing a major sell-off.<\/p>\n

Meanwhile, Ethena\u2019s core offering continues to gain traction in the DeFi space. The total value locked in the ecosystem, mainly through its yield-bearing stablecoin, USDe, has surged to nearly $5.8 billion, just below its all-time high of $6.2 billion.<\/p>\n

USDe has now climbed the ranks to become the fourth-largest stablecoin in the industry, behind only Tether (USDT), USD Coin (USDC), and USDS. Currently, more than 709,000 wallets hold USDe, with users earning an 8% annual yield from arbitrage opportunities within the network.<\/p>\n

Meanwhile, thanks to its recent rollout on the TON blockchain, over 900 million users can now access Ethena\u2019s USDe across decentralized finance applications.\u00a0<\/p>\n

At the same time, EtherealDEX, a decentralized exchange powered by sUSDe, has also made notable progress through its testnet phase, with a full launch expected later this year.<\/p>\n

These developments could serve as key drivers pushing ENA higher in the coming weeks.<\/p>\n

ENA price analysis<\/h2>\n

On the 1-day ENA\/USDT chart, ENA has broken above a multi-month descending trendline that had previously been capping its price with lower highs and lower lows. That trendline has now flipped into support, triggering a buy signal for bulls.<\/p>\n

<\/source><\/p>\n<\/picture>
ENA price, 20-day EMA chart \u2014 June 4 | Source: crypto.news<\/figcaption><\/figure>\n

ENA also looks ready to break out of the upper boundary of a descending triangle pattern that\u2019s been forming since early 2025 (shown in blue on the chart). If it clears this level with strong volume, it could confirm a bullish breakout.<\/p>\n

Zooming out the chart, ENA appears to be shaping up a massive double bottom pattern, which is typically seen as a strong reversal signal. Its recent price movement also seems to mirror a cyclical trend observed (shown in pink boxes) right before the token\u2019s big rally in November last year, where ENA shot up nearly 250%.<\/p>\n

Technically, ENA is also approaching a move above its 20-day exponential moving average. A close above this line would add to the bullish case and suggest growing short-term momentum.<\/p>\n

If the current setup holds, the next likely target is around $0.51, which aligns with the 23.6% Fibonacci retracement level. Breaking above that could open the doors to $1, a key psychological resistance level that also happens to line up with the 61.8% Fibonacci retracement, right where the double bottom pattern is to play out.<\/p>\n

On the flip side, if ENA slips below the local support at $0.25, it could trigger some profit-taking or panic selling. In that case, the token might fall back toward the $0.20 range, which marks the lower end of the double bottom formation and a strong historical support zone.<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ethena\u2019s native token has remained unfazed by its recent 40 million token unlock, with bullish technicals now pointing to a potential rally toward $1 in the coming months. According to…<\/p>\n","protected":false},"author":1,"featured_media":1990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=1989"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1989\/revisions"}],"predecessor-version":[{"id":1991,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/1989\/revisions\/1991"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/1990"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=1989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=1989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=1989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}