Yield-bearing stablecoin supply surges after the GENIUS Act
Surge in Yield-Bearing Stablecoins: Following the GENIUS stablecoin bill, the supply of yield-bearing stablecoins like Ethena USDe and Sky’s USDS has significantly increased, with USDe's circulating supply rising by 70% and USDS by 23%, leading to a notable market capitalization ranking among stablecoins.
Impact on Market and Returns: The overall stablecoin market is projected to reach $300 billion by year-end, driven by demand for decentralized finance applications, while yield-bearing stablecoins offer inflation-adjusted returns, with staked USDe providing an APY of 10.86% and USDS at 4.75%.
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Technical Analysis for ENA
Technical Sentiment Analysis for Ethena (ENA) As of , Ethena (ENA) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ENA stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ENA is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethena (ENA) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0579 | 0.0788 | 0.103 | 0.124 | 0.148 | 0.169 | 0.193 |
| Fibonacci | 0.0788 | 0.096 | 0.107 | 0.124 | 0.141 | 0.152 | 0.169 |
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