join us telegram A channel to stay up to date on breaking news coverage
The price of Ethena fell by several percent. Traded for $0.84 As of 2:54 a.m. EST, trading volume had increased 167% to $770 million.
However, ENA was still the most popular cryptocurrency on CoinMarketCap after the U.S. Securities and Exchange Commission (SEC). 8 Ethereum ETFs (Exchange Traded Funds) approvedThis was considered a groundbreaking regulatory innovation for the cryptocurrency industry.
eight!! Approved! There. Position just approved by SEC #Ethereum ETFs. It was a really great event. It’s actually happening.
h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT
— James Seyff (@JSeyff) May 23, 2024
Despite this news, ETH plunged 4% in the last 24 hours to $3,667 as traders sold on the news. As Ethena was built on the Ethereum blockchain, its performance also suffered. However, expectations for the approval of the ETH ETF pushed it up nearly 19% in one week.
Ethena price fell from $0.89 resistance in May to find support around $0.65. gecko terminal It shows. ENA bulls may gain control at this level and push the price back towards the $0.89 resistance. However, ENA fell back to the $0.80 support.
After this news, ENA surged to the resistance level of $0.89, forming a cup and handle pattern. Bulls try to take advantage of this and push the price upwards.
Ethena price is expected to rebound above the $0.89 resistance level.
ENA is trading above its 50-day simple moving average (SMA), which serves as an immediate support level around $0.78. If the bulls continue their bullish rally against this support, ENA will trade above its 200-day SMA at $0.8419.
Moreover, the Relative Strength Index (RSI) is falling and trading above the 50 mid-line, which is consistent with the current price decline.
On the 4-hour chart, ENA appears to be in a long-term bullish trend, with the Average Directional Index (ADX) trading at 25 (currently 33), indicating that ENA is in a strong bullish trend.
Ethena price prediction
Technical and fundamental analysis of Ethena price shows that ENA is poised to continue rising for a cup and handle pattern as bulls target $1.15.
However, in the opposite scenario, weakness could continue to put pressure on the price, which could push ENA down to the next support zone at $0.78.
Meanwhile, with ENA bulls eyeing a trend reversal, some traders are rushing to buy the multi-chain Dogecoin derivative ICO Dogeverse before the pre-sale ends in less than 10 days.
After raising $15 million in initial funding, it’s no surprise that cryptocurrency YouTuber Jacob Bury says DOGEVERSE has the potential to rise 100x after launch.
Dogeverse offers investors last chance to purchase before launch
DOGEVERSE It is the first meme coin to operate on multiple networks. Deployed on Ethereum, Solana, Polygon, BNB Chain, Avalanche, and Base. The token seeks to create a unified space for market participants and investors by connecting six blockchains.
The project is inspired by the mascot Cosmo, which can hyperjump between cryptocurrency networks, allowing token holders to seamlessly connect various cryptocurrency chains.
Why limit yourself to one when you can have it all? $DOGEVERSE starts with security. #Ethereum It guarantees strong security and reliability. 🛡️💻
🔥 Bridging the gap between #Cryptocurrency Improves liquidity, usability, and fun across the ecosystem. #Cryptoverse! 🎉#AltSeason pic.twitter.com/zOg8albhry
— DogeVerse (@The_DogeVerse) May 3, 2024
Dogeverse also offers a native app that is attractive to investors. Staking Options Annual Percentage Yield (APY) is 51%. As the project deploys its smart contracts on the Ethereum network, staking will only be available if purchased with ETH.
The Dogeverse pre-sale ends on June 3rd at 10AM UTC. Billing will begin two days later, on June 5 at 10:00 AM UTC.
Get ready to explode with Cosmo! 🚀🌀
⏳ #Ticketing Ends on June 3rd at 10AM (UTC)!
🌐 Billing starts at 10AM UTC on June 5th!
This is your last chance to join Cosmo. #blockchain Adventure before official release! 🌌
Don’t miss it! The clock is ticking! 📣… pic.twitter.com/QwpzWcm947
— DogeVerse (@The_DogeVerse) May 23, 2024
There is still time to participate in the pre-sale by purchasing $DOGEVERSE for $0.00031 per token. But make sure to buy it quickly before the team launches the token on major exchanges.
Buy $DOGEVERSE on the official website here..
Related news
Dogeverse – Multichain Meme Coin
- Early access presale is live now.
- Bridge to Solana, base, BNB chain, polygon, avalanche
- Staking Rewards – thedogeverse.com
- Trade with low fees
- World’s first chain travel governor – Cosmo
join us telegram A channel to stay up to date on breaking news coverage