Ethena Price Jumps 5% as Kraken Teases USDe Stablecoin Listing

Ethena (#ENA) experienced a 5% price increase after five days of losses, reaching $0.61 amidst a 32% decline in trading volume.

The rally followed Kraken's announcement about listing Ethena's USD-pegged stablecoin, USDe, in US markets.
USDe's market cap rose to $14.4 billion, capturing 4.5% of the global stablecoin market.
YZi Labs Investment increased its stake in Ethena, indicating rising institutional confidence.

Technical analysis shows:

ENA is consolidating near $0.58 with resistance levels at $0.68 and $0.74.
MACD indicates potential for bullish momentum if conditions improve.
A close above $0.60 could lead to a push toward $0.69; failure to hold could see a drop to $0.55.

Market sentiment will depend on whether Kraken’s listing attracts sustained interest or traders sell amidst broader market declines.