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The Ethena price has plunged by 6% in the past 24 hours to trade for $0.7092 as of 04:07 a.m. EST on trading volume that slumped 40%.
It comes amid broader market gloom as the Bitcoin price remains range-bound between $64,000 and about $66,000
Ethena Price Prediction
For the Ethena price, the synthetic dollar protocol built on Ethereum may bottom out soon as it fills a triangle pattern. With the $0.6229 Fibonacci base holding as a support level, the ENA price may be primed for a bullish breakout.
Supporting this thesis, the Relative Strength Index (RSI) has breached resistance due to the descending trendline. If the bulls manage a higher high on this momentum indicator, it would confirm a budding change in market structure.
Besides a higher high on the RSI, traders should also wait for the Moving Average Convergence Divergence (MACD) to cross above the orange band of the signal line.
The upside potential for the Ethena price is constrained by multiple supplier congestion levels. To begin with, the descending trendline has stunted ENA’s upside potential for along time. A flip of this roadblock into a support level would pave the way for a continuation of the trend.
A bounce atop it, however, could see the Ethena price confront resistance presented by the 78.6% Fibonacci retracement level of $0.8382. In a highly bullish case, the ENA price could foray into the Fibonacci Golden Zone between the 61.8% and 38.2% retracement levels.
Traders watch this zone closely, as it often acts as a strong support or resistance area, signaling potential price reversals.
For a confirmed uptrend, the Ethena price must foray into the Golden Zone, and break and close above the 50% Fibonacci placeholder at $1.1259.
GeckoTerminal: ENA/USD 1-day chart
Converse Case
On the other hand, if the descending trendline continues to hold as resistance, the Ethena price could retract. A break and close below the $0.6229 on the one-day timeframe would invalidate the bullish thesis.
As the Ethena price coils up for the next move, investors looking to diversify their portfolio might consider eTukTuk (TUK). It is a new green crypto focusing on electric vehicles that YouTuber DCA says is ”changing the world.”
Promising Alternative To Ethena
The presale is a success story after absorbing funds of more than $3.3 million thus far.
TUK is the native cryptocurrency for the eTukTuk ecosystem. It presents itself as a revolutionary cryptocurrency project that aims to help Tuk Tuk drivers adopt a more energy-efficient and environmentally friendly mode of transportation.
From endangering ecosystems to accelerating climate change, rising air pollution knows no bounds.
Let's take action for cleaner air with #eTukTuk. pic.twitter.com/3IIfYh8m1I
— eTukTuk (@eTukTukio) May 8, 2024
Its focus is on developing economies in Africa and South Asia, starting with Sri Lanka. It will introduce electric Tuk Tuks and a network of Electric Vehicle Charging Stations (EVSEs) to selected nations.
Switching to electric vehicles isn't just good for the planet, it's also great for your wallet!
Save on fuel costs, benefit from tax incentives, and enjoy lower maintenance expenses.
Drive smart, save more with #eTukTuk. 💸 pic.twitter.com/2fUFjNkBOX
— eTukTuk (@eTukTukio) May 15, 2024
The team is committed to creating a carbon-fighting environment, and does so by integrating blockchain and AI technologies. Additionally, the project promotes green transportation in a bid to accelerate the global transition to electric vehicle usage.
Which side are you on? 🤔
Join the eco revolution with #eTukTuk and let's drive towards a greener, cleaner future! 🌿🚗 pic.twitter.com/Kxwte0SVe6
— eTukTuk (@eTukTukio) May 12, 2024
The project is also launching a Play-To-Earn (P2E) game in which players race around the streets of Sri Lanka. While doing so, they get to pick up and drop off customers at different locations.
📢📢 EXCITING ANNOUNCEMENT 📢📢
We are thrilled to announce that our awaited game, Crazy Tuk Tuk taxi is now also available on the App store 🤩
Complete quests, earn rewards and compete in thrilling races 😎
Download now:https://t.co/E2rb7J8r2e pic.twitter.com/XXgV8Wgz0Y
— eTukTuk (@eTukTukio) April 21, 2024
Buy And Stake TUK In The Presale
Token holders staking their holdings enjoy annual yields (APY) as high as 84%. TUK token rewards will be distributed to users at a rate of 4.75 $TUK per BSC block. Rewards will be payable over 3 years and are determined by your share of the staking pool and annual returns percentage.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
TUK tokens are priced at $0.0315. If the project attracts you, beware that the price will increase in about three days.
Visit the eTuktuk website here
Also Read:
- How To Buy eTukTuk (TUK) On Presale
- Best AI Crypto Coin Projects: Top Picks for 2023
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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