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
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Are Memecoins Facing a Crisis of Trust and Accountability?
Indonesia’s crypto transactions rises with 350% increase
Chinese Giant Boyaa Converts $49M Ethereum to Bitcoin Holdings
Putin signs bill recognizing Bitcoin as property in Russia
However, mining facility operators must report client details to tax authorities or face fines of 40,000 rubles ($371).