Ethena Price Prediction: ENA Pumps 9% As Ethena Labs Mulls SOL USDe Collateral, But Investors Flock To This Meme Coin With A 2,466% Staking APY

Bitget App

common_footer.down_desc

Insidebitcoin2024/10/15 09:55

coin_news.by:Insidebitcoin

The Ethena price surged 9% in the last 24 hours to trade at $0.411 as of 00:24 a.m. EST on trading volume that rose 3% to $417 million.

This comes as Ethena Labs, the entity behind the synthetic stablecoin USDe, has proposed adding Solana to the Stablecoin’s collateral mix.

If Ethena’s independent Risk Committee approves the proposal, the platform will gradually introduce SOL as a collateral asset for USDe.

Ethena Price To Continue Soaring – Sentiment Supported By Main Indicators

In October, the price of Ethena plunged through a correction from the $0.35 resistance down to the $0.26 support and then back to the resistance zone, forming a rounding bottom pattern. A slight retrace back to the $0.32 support completed a cup and handle pattern, according to data from GeckoTerminal .

The pattern allowed the bulls to push the price of Ethena through a parabolic surge in the last two days, which is reflected in the sharp rise from the $0.30 level to the current price of $0.41. This suggests bullish momentum in the short term.

ENA price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bullish stance.

The Relative Strength Index (RSI) is currently at 75.18, which places it in overbought territory (above 70). This suggests that the price has risen rapidly and may be due for a pullback or consolidation in the short term. Overbought levels typically indicate that buyers may be exhausted, and a correction might follow.

Moreover, the MACD line (blue) is above the signal line (orange), and both are above the zero line, which reflects bullish momentum.

The MACD histogram is positive but appears to be flattening, indicating that while bullish momentum is still in play, it may be slowing down. This could hint at potential consolidation or minor corrections soon.

ENAUSD Chart Analysis Source: GeckoTerminal.com

Ethena Price Prediction

According to the ENA/USD chart analysis on the 4-hour timeframe, the Ethena price is currently on a bullish rally to the upside. The bulls aim to capitalize on the major indicators to keep pushing the price of Ethena to the upside, targeting the next resistance at $0.50 in the short term.

Conversely, the RSI now shows that the asset is currently overvalued. This may be a selling signal for the bears, which could push Ethena through a correction to the $0.31 support zone (50-day SMA)

As the Ethena price rallies, some investors are turning to presale meme coins like the newly launched Flockerz (FLOCK) , which YouTube channel 99Bitcoins, with 706K subscribers, say has the potential to soar 100X after its launch.

Flockerz Presale Raises Over $704K

F͏lockerz ͏empowers its͏ com͏munity, “T͏he ͏Fl͏oc͏k͏,” to ma͏ke key decisions about the project’s future strategy. That differentiates it from most other meme coins, where key decisions are made by an inner circle.

Flockerz even uses a Vote-To-Earn (V2E) system to incentivize participation in the decision-making process, enabling holders who vote on decisions to earn $FLOCK tokens. The more you vote, the more tokens you earn, creating a direct incentive for participation.

Apart from V2E rewards, users can also earn passively through the platform’s staking mechanism, which offers a mouth-watering annual yield of 2,466%.

If you would like to join investors who have already pumped more than $706k into the project, you can buy $FLOCK on the official website here for $0.0057699 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.

Buy before a price hike in a little more than a day to secure the best deal.