Ethereum

Momentum

Ethena

Gains

On Monday, the cryptocurrency market witnessed a notable uptick as the leading digital asset <a href="https://coingape.com/bitcoin-price-regains-70000-memorial-day-rally-in-play/" rel="noopener noreferrer nofollow">Bitcoin</a> surged above the $70000 psychological level. The number two crypto Ethereum also showed similar momentum as a 3% jump almost pushed it above the $4000 mark. Therefore, several altcoins including <a href="https://coingape.com/ether-tokens-new-wallets-grab-77m-of-pepe-coin-uniswap-ethena-others/" rel="noopener noreferrer nofollow">Athena</a> experience a renewed market recovery aiming to prolong the recovery trend.
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<h2 id="b-athena-protocol-s-tvl-soars-20-signaling-renewed-user-confidence-b">Athena Protocol’s TVL Soars 20%, Signaling Renewed User Confidence</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/w/wMHzH98V.png" alt="BINANCE:ENAUSDT Chart" width="1946" height="829">
 <figcaption class="wp-caption-text">
 Athena| Tradingview
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</figure>
Amid the broader market recovery, the Athena coin entered a new recovery phase around mid-May as its price rebounded from $0.653. The positive turnaround uplifted the altcoin to 43.5% to currently trade at $0.937, while its market cap boasted $1.42 Billion.
<blockquote>
 An analysis of the daily chart shows this recovery breached the resistance trendline of a falling wedge pattern, escaping a six-week correction.&nbsp;
</blockquote>
According to a recent tweet from the crypto analytics firm IntoTheBlock, the Total Value Locked (TVL) in the Ethena protocol has seen a significant increase, going parabolic once again. After experiencing a slow month, Ethena’s TVL has surged to $2.75 billion, marking an impressive rise of nearly 20% over the past two weeks.
<blockquote class="twitter-tweet">
 After a slow month, Ethena TVL is going parabolic again.
 TVL is currently at $2.75B, an increase of nearly 20% in the last two weeks <a rel="noopener noreferrer nofollow" href="https://t.co/yivqkuenYB">pic.twitter.com/yivqkuenYB</a>
 — IntoTheBlock (@intotheblock) <a rel="noopener noreferrer nofollow" href="https://twitter.com/intotheblock/status/1795026350899683473?ref_src=twsrc%5Etfw">May 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This growth in TVL indicates a renewed interest and confidence in the Ethena protocol, suggesting that more users are locking their assets within the platform. The spike in TVL is a positive indicator of the platform’s health and popularity, reflecting increased user engagement and potential for further growth.
If the aforementioned bullish pattern holds true, the current recovery in <a href="https://coingape.com/markets/whale-activity-athena-coin-ena-price-eyes-1-5-target/" rel="noopener noreferrer nofollow">ENA price</a> could rise to $1.18, followed by $1.52.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Exponential Moving Average: The ENA price jump above the 20- and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> indicates the buyers are strengthening their grip over this asset.</li>
 <li>Average Directional Index: The ADX slope rising at 14% hints the recovery trend is far from exhaustion meaning an Athena could ride a prolonged rally.</li>
</ul>
The post <a href="https://coingape.com/markets/athena-protocol-gains-momentum-tvl-increase-2-75-billion-for-1/" rel="noopener noreferrer nofollow">Athena Protocol Gains Momentum with TVL Increase to $2.75 Billion, Ready for $1?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Athena Protocol Gains Momentum with TVL Increase to $2.75 Billion, Ready for $1?

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