StableCoinX strengthens Ethena [ENA] rally with $5M daily accumulation plan – Details

Key Points

1. Ethena Labs announced the formation of StableCoinX Inc., raising $360M to purchase ENA and planning a Nasdaq listing under the symbol USDE.

2. Starting 21 July, $5M worth of ENA will be bought daily for six weeks, with $260M representing 8% of the circulating supply at press time.

3. The Ethena Foundation retains veto power over ENA sales by StableCoinX, focusing on long-term accumulation rather than sales.

4. Market indicators (A/D, CMF, Awesome Oscillator) showed strong demand and bullish momentum, with ENA breaking the $0.5 resistance level.

5. A potential retracement to the $0.45-$0.47 zone was noted, coinciding with February resistance, offering a possible buying opportunity.