Traders’ skepticism keeps ENA down – Why and what next? – BitRss

• ENA’s native platform, Ethena, overtook Tether in fees generated, with its stablecoin surpassing MakerDAO’s DAI by market capitalization
• Market metrics ddi not fully support a sustained price rally for ENA

Despite a 67.24% surge last month, ENA has been on a losing streak in recent weeks. In fact, it has declined by 11.19% on the weekly charts, while also losing 3.96% of its value in the last 24 hours.

While positive sentiment around ENA persists, AMBCrypto’s analysis revealed that market participants remain unconvinced. Especially as selling pressure continues to weigh on the asset.

Good news for ENA—But is it really?

Positive news continues to envelop ENA though, with several developments alluding to potential price impact. Ethena, the platform native to ENA, recently overtook Tether.io in transaction fees generated over the last 24 hours.

During this period, Ethena recorded $24.32 million in fees, surpassing Tether’s $17.83 million. This indicated higher or more valuable activity on Ethena’s network, compared to Tether’s.