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The Ethena price dropped more than 2% over the past 24 hours to trade at $0.7756 as of 1:00 a.m. EST as investors keep dumping the altcoin.
This latest drop in price has pushed ENA’s weekly performance deeper into the red with a more than 10% plunge.
The Ethena Price Back Below A Negative Trend Line
4-hour chart for ENA/USDT (Source: TradingView)
The Ethena price dropped below the key support at $0.830 over the past 24 hours, and is now testing the next crucial mark at $0.767. Falling below this safety net could expose ENA to the risk of a sharp correction.
Traders might panic sell the altcoin, forcing its price down to as low as $0.609 in the short term. However, maintaining a position above $0.767 for the next 24 hours could invalidate this bearish thesis.
Traders and investors will want to keep an eye on the medium-term negative trend line that has formed on the altcoin’s charts over the last few days. The Ethena price managed to temporarily break above this line earlier this week, but sellers quickly pulled it back below this point.
Should ENA maintain a position above $0.767 for the next 24 hours, the altcoin’s price will once again break above the negative trend line. This could then open up some room for the Ethena price to climb in the following 24-48 hours.
In this more bullish scenario, the crypto could attempt to flip the $0.83 resistance level into support. A 4-hour candle close above this barrier will then give ENA a strong technical foundation to possibly rise to $0.951 or even to $1.128 if the bullish pressure persists.
The Ethena Price Lacks Technical Support
Technical indicators on ENA’s 4-hour chart suggest the Ethena price could keep dropping in the upcoming 24 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are flagging bearish.
Sellers are currently stronger than buyers, which is signaled by the RSI line’s positioning below its Simple Moving Average (SMA) line on its 4-hour chart. This bearish dominance has led to the Ethena price trading in a negative trend, as indicated by the MACD indicator.
Although the MACD line is positioned below the MACD Signal line to suggest that ENA is in a bearish period, there is an early sign that this phase might be coming to an end.
More specifically, the MACD line is rising towards the MACD Signal line. A cross between the two technical indicators will trigger a major bullish flag to indicate that the Ethena price has entered a new positive cycle.
Investors might be gradually selling off their ENA holdings, but the complete opposite trend can be observed for 5thScape as its ICO charges towards the $6 million fundraising milestone.
Pushing The Boundaries Of AR/VR Technology
5thScape is an AR/VR platform like no other because it includes a tokenization element. This is due to the team’s strong belief that tokenization will play a major role in the future of virtual reality technology.
At the core of the ecosystem is 5thScape’s native 5SCAPE token. Not only will this crypto serve as a seamless and efficient payment medium, it can also be used to unlock access to premium content and rewards for players and investors.
Hey #5thScape fam! 🎮 Just dropping by to share some epic news: our dedicated team has been tirelessly leveling up the thrill factor in our latest project!
🚀 Stay tuned for the most cutting-edge updates and enhancements as we continue to redefine what’s possible in gaming.… pic.twitter.com/qwrDZH5p4a
— 5th Scape (@5th_scape) April 30, 2024
What’s more, there will be a dynamic staking pool included in the 5thScape ecosystem as well, which investors can take advantage of to earn additional rewards.
This staking pool will be partly funded by player subscriptions and paid access to premium content. As a result, token holders who stake their tokens stand to earn greater rewards as more people join the platform.
Developers and gamers can also utilize 5SCAPE. For gamers, the token can grant access to exclusive content that will enhance their virtual experiences. Meanwhile, anyone who develops games on the platform will receive rewards paid in the crypto.
A Potential 10X Opportunity
Through the combination of AR/VR and blockchain technologies, 5thScape has created a robust play-to-earn platform that’s attracting the attention of the crypto community.
Cilinix Crypto on YouTube recently reviewed 5SCAPE, and said it’s ”a great project” that’s selling at a ”ridiculously low price” compared to the listing price.
With the listing price set at $0.01, buying now at $0.00327 locks in gains of almost 206% before the launch.
Sounds like a great deal? You can buy 5SCAPE on the official website here using ETH, MATIC, BNB, USDT, or a bank card.
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