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The Ethena price surged over 5% in the past 24 hours to trade at $0.933 as of 12:20 a.m. EST as investors rush to buy the altcoin.
ENA’s stellar 24-hour performance comes after the project’s team announced that USDe, its ”synthetic dollar” for trading, will be integrated into ByBit, the third biggest crypto exchange in terms of daily trading volume.
Excited to share one of the most important developments for USDe adoption to date
USDe will be integrated into @Bybit_Official:
i) Collateral to trade perpetuals while potentially capturing yield
ii) BTC and ETH spot pairs with zero trading fees
iii) Within the Earn platform pic.twitter.com/zDDO2WdeNf— Ethena Labs (@ethena_labs) May 7, 2024
Through this integration, traders will be able to trade perpetuals and use USDe as collateral, trade BTC and ETH spot pairs with zero trading fees, and use USDe within the exchange’s Earn platform.
The Ethena Price Gets Rejected By Major Resistance
4-hour chart for ENA/USDT (Source: TradingView)
The Ethena price broke above the $0.950 resistance in the last 24 hours. However, its move above this threshold was short lived, as traders were quick to take profit. ENA is currently trading below the technical obstacle as a result.
If sellers continue to exert pressure on the Ethena price, the crypto could be at risk of correcting to the next key support level at $0.850. If traders keep dumping ENA once it reaches this support, the altcoin might then fall to as low as $0.790 in the short term.
On the other hand, the Ethena price closing two consecutive 4-hour candles above $0.950 in the coming 24 hours might invalidate this bearish thesis. In this alternative scenario, bulls could identify a good long opportunity for ENA.
This potential wave of long entries might then push the Ethena price higher in the following 48 hours. During this upward move, ENA could also attempt to flip the $1.033 resistance level into support.
Short-Term Technical Indicators Point To An Ethena Price Drop
Technical indicators on ENA’s 4-hour chart warn that the Ethena price might drop in the coming 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bearish signs.
ENA currently finds itself in a positive cycle, which is evident by the MACD line’s positioning above the MACD Signal line. However, this bullish trend seems to be coming to an end because the MACD line is collapsing towards the MACD Signal line.
A cross between the MACD and Signal line in the next 24 hours could signal a bearish shift in momentum. Meanwhile, sellers recently gained the upper hand against buyers. Over the past 24 hours, the RSI crossed below its Simple Moving Average (SMA) line on the 4-hour chart.
Traders usually identify the RSI crossing below the SMA as a sign that bears have more strength than bulls. Should the former choose to capitalize on this advantage, it will be easier for sellers to pull the Ethena price down than it will be for buyers to push it higher during the next 24 hours.
As technicals warn that the Ethena price might drop in the next 24 hours, traders and investors may take profits from ENA’s surge and allocate them towards the next big opportunity.
Some analysts say WienerAI, a new dog-themed meme coin with an AI element, might be such an opportunity. It has raised almost $1.3 million via its ongoing presale and offers extremely high annual staking rewards of 753%.
An On-Chain AI Companion
WienerAI is looking to make a splash in the crypto space, being one of the few new meme coins that include an AI element. This introduces a level of utility that is not commonly associated with these fun cryptos.
Pls don't miss out.
PRICE GOES UP IN ONE DAY!
The time is NOW 🌭🌭🌭 pic.twitter.com/J0FyqI0hAX
— WienerAI (@WienerDogAI) May 6, 2024
With its advanced AI models, WienerAI is on a mission to provide investors and traders with an intelligent, easy-to-use on-chain companion.
Through sophisticated computer models, the project will enhance users’ trading. In addition to this, the WienerAI ecosystem includes a seamless swap protocol, as well as MEV protection. What’s more, all of these capabilities come with zero fees.
The Next 100X Opportunity?
The buying frenzy around the new meme coin might also be partly driven by the token’s 753% APY. However, the crypto does present a great speculative opportunity as well since it is one of the very few dog-themed meme coins that actually offers real-world utility.
Not to mention, WienerAI is also taking advantage of the hype surrounding AI technology.
All of these factors could lead to a price explosion in the coming months. An analyst from the 99Bitcoins YouTube channel speculated whether WienerAI could be the next 100X opportunity as well.
To capture this opportunity, investors can buy the meme coin on its website using ETH, BNB, USDT or bank card.
Purchase and stake WienerAI here for up to 753% in annual rewards.
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