How Will ENA React to Partnership News? | Credit: Hameem Sarwar
Share
Key Takeaways
Ethena Labs announced a partnership with Based, expanding into the Hyperliquid ecosystem.
The Ethena (ENA) price broke out from a diagonal resistance and is nearing its August highs.
The Hyperliquid (HYPE) price trades near its all-time high but in a bearish pattern.
Ethena Labs has just announced a significant partnership with Based, signaling deeper expansion into the Hyperliquid ecosystem.
This move comes as ENA shows strong technical momentum, breaking through key resistance levels while Hyperliquid hovers near its all-time highs.
With both tokens drawing attention, investors are closely watching if ENA’s bullish momentum can continue.
Positive ENA News
Today, Ethena Labs announced its strategic investment and partnership with Based, continuing its support of the Hyperliquid ecosystem.
With the partnership, Based will partner in adopting USDe and other unreleased Ethena products on Hyperliquid.
Get These Top Crypto Casino Offers Now!
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Ethena is making an effort to expand its products in the Hyperliquid ecosystem.
The partnership will benefit staked ENA (sENA) holders, who will receive Based points soon.
Last week, Ethena Labs also announced that treasury Stablecoin X has raised an additional $530 million to accumulate ENA.
The buying schedule is as follows: $5 million per day if ENA is over $0.70, and $10 million per day if it is below $0.70 or has fallen 5% in the past 24 hours.
After the announcement, ENA raised nearly 14% of the circulating market cap of ENA in cash.
The ENA price is also performing well, with the aim of breaking its August high.
Ethena Price Analysis
ENA recently broke out of a diagonal resistance trend line that had been in place since Aug. 11.
Today, Ethena’s price is testing the $0.76 horizontal resistance level, which also aligns with a key Fibonacci zone.
A successful breakout here could pave the way for ENA to reclaim its August highs and make a fast move toward $1.
Momentum indicators support the bullish case: the Relative Strength Index (RSI) sits above 50, and the MACD has just formed a bullish crossover.
However, the wave count casts some doubt on this movement. According to the count, ENA is nearing the top of wave B in an A-B-C correction.
Thus, if the ENA price fails to break out from the $0.75, it could begin a sharp decline that concludes wave C, after which a rally is likely.
To conclude, the $0.76 resistance area is critical to determine the direction of the future trend.
Hyperliquid All-Time High
Hyperliquid has outperformed ENA, trading just shy of a new all-time high.
Still, there are reasons for caution. The token is currently moving within an ascending wedge — a bearish formation that often signals an impending breakdown.
Wave count analysis also suggests that Hyperliquid may be completing a five-wave upward cycle, further strengthening the case for a potential reversal.
The only saving grace is the RSI, which broke out from its bearish divergence trend line (orange).
It remains to be seen if that is sufficient to cause a breakdown from the wedge, but it is something worth watching.
Alternatively, a breakdown from the wedge could take the HYPE price down to $32.
Ethena vs Hyperliquid
Ethena’s aggressive expansion and treasury-backed buying strategy have set the stage for potential upside, but price action around critical resistance levels will be decisive.
While ENA aims to smash through its August highs, Hyperliquid’s bearish wedge formation raises caution flags.
Ultimately, both assets sit at pivotal points where the next breakout or breakdown will shape the trend for the rest of the year.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
