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The Ethena price has dropped by 2% in the past 24 hours to trade for $0.8511 as of 01:43 a.m. EST on trading volume that dipped 40%.
Markets have pulled back ahead of a decision on spot Ether ETFs (exchange-trade funds) today.
My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho https://t.co/MzTOcsmTnJ
— Eric Balchunas (@EricBalchunas) May 22, 2024
The Ethena Price Prediction
The Ethena price is trading with a bullish bias, having broken above a descending parallel channel. With the breakout, ENA is consolidating along an ascending trendline.
The token faces immediate resistance due to the $0.9706 resistance level, with selling pressure from this supplier congestion level causing a correction.
The Relative Strength Index (RSI) appears subdued, moving horizontally. However, its position above the mean level of 50 is bullish. It shows the market is more in favor of the upside than the downside. The Moving Average Convergence Divergence (MACD) is above the orange band of its signal line.
The histograms of the MACD also tilt the odds further in favor of the upside, as they flash green to show the dominance of the bulls in the ENA market.
If the bulls are able to increase their buyer momentum, the Ethena price could shatter resistance due to the $0.9706 blockade. A stable close above this level on the one-day timeframe would encourage more buy orders, sending the altcoin north. Traders looking to take new long positions on the Ethena price should probably wait for a decisive candlestick close above the aforementioned level.
GeckoTerminal: ENA/USD 1-day chart
On the other hand, if ongoing profit taking continues, the Ethena price could drop. A slip below the $0.7737 support, and effectively losing the ascending trendline, would encourage more sell orders.
If bearish momentum increases to send the Ethena price below the $0.6643 support level, the bullish thesis would be invalidated.
Promising Alternative To Ethena
Even as the Ethena price works out its next move, some investors are accumulating the TUK token, the native crypto to the eTukTuk ecosystem. Its presale has already soared past $3.35 million in funds raised.
The project presents a revolutionary cryptocurrency project set to help Tuk Tuk drivers adopt a more energy-efficient mode of transportation. Its focus is developing economies in South Asia and Africa and it will leverage the $TUK token to introduce electric Tuk Tuks and establish a network of Electric Vehicle Charging Stations (EVSEs).
"eTukTuk is one of the most creatively revolutionary projects to enter the EV sector in a long while. Although there are many EV projects, few align with the reality of people living in developing economies." – @CoinGapeMedia
Read more here:https://t.co/ZfqdSLkbG7
— eTukTuk (@eTukTukio) February 6, 2024
Crypto YouTuber DCA Crypto says the TUK project is changing the world, and urges investors to buy early.
The project provides entry into a sustainable transportation revolution with its green $TUK token presale.
1/ Witness the groundbreaking transformation of Jammu's public transport!@TataMotors, India's vehicle giant, has just rolled out a fleet of Ultra EV air-conditioned electric buses for Jammu Smart City 🧵⚡ pic.twitter.com/TUAwJHlMaz
— eTukTuk (@eTukTukio) February 1, 2024
The project boasts a strong use case. It sets the stage for the future of transportation with its integration of artificial intelligence and eco-friendliness. This innovative platform not only allows for immediate investment and earnings but also paves the way for a sustainable transportation revolution through electric vehicles (EVs).
Electric vehicles offer more than just a ride.
They're a #sustainable solution for cleaner air and savings on fuel costs.
Make the smart choice for the planet and your wallet with #eTukTuk. 🌿💰 pic.twitter.com/ifcKMroANI
— eTukTuk (@eTukTukio) May 6, 2024
As governments in South Asia and Africa embark on ambitious electric vehicle adoption goals over the next two decades, eTukTuk is well-positioned to play a crucial role in driving this transition.
Do you have eco-friendly transport options in your city?#greenmobility #SustainableFuture
— eTukTuk (@eTukTukio) February 6, 2024
Investors can also capitalize on eTukTuk’s staking mechanism, which offers an annual return of 83%. Users will get 4.75 $TUK for each BSC block in $TUK Token incentives.
If you are interested, buy TUK tokens on the website now for $0.032. But don’t wait too long because a price hike is coming in just over a week.
Also Read:
- 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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