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The Ethena price dropped by a fraction of a percentage to trade at $0.84 as of 02:54 a.m. EST on trading volume that soared 167% to $770 million.
But ENA was still the top trending crypto on CoinMarketCap after the U.S. Securities and Exchange Commission (SEC) approved eight Ethereum ETFs (exchange-traded funds), in what was seen as a landmark regulatory breakthrough for the crypto industry.
BOOM!! APPROVED! There it is. The SEC just approved spot #Ethereum ETFs. What a turn of events. It's really happening.
h/t @PhoenixTrades_ pic.twitter.com/KQ39mDyCbT
— James Seyffart (@JSeyff) May 23, 2024
Despite the news, ETH plunged 4% in the last 24 hours to trade at $3,667 as traders sold on the news. As Ethena is built on the Ethereum blockchain, its performance was also dragged back. But it’s still up almost 19% in a week, fired by expectations of ETH ETF approvals.
The Ethena price retraced in May, dropping from the $0.89 resistance to find support around $0.65, data from GeckoTerminal shows. ENA bulls may have gained control at this level, pushing the price back to the $0.89 resistance. However, ENA then dropped back to the $0.80 support.
With the news, ENA soared to the $0.89 resistance, forming the handle part of a cup and handle pattern, as the bulls aim to capitalize on it to push the price above.
Ethena Price Set To Rally Over The $0.89 Resistance
ENA is trading above the 50-day Simple Moving Average (SMA), which acts as the immediate support level of around $0.78. If the bulls sustain the bullish rally over this support, ENA will soar over the 200-day SMA, trading at $0.8419.
Moreover, the Relative Strength Index (RSI) trades above the 50-midline level as it drops, which coincides with the current price drop.
On the 4-hour chart, ENA seems to be on a bullish long-term rally, with the Average Directional Index (ADX) trading above level 25, currently at 33, which shows that ENA is on a strong bullish trend.
Ethena Price Prediction
The technical and fundamental analysis of Ethena’s price indicates that ENA is poised to continue surging over the cup and handle pattern as the bulls set their sights on $1.15.
However, in an inverse scenario, the bears may continue exerting pressure on the price, which may drive ENA down to the next support zone at $0.78.
Meanwhile, as the ENA bulls aim for a trend reversal, some traders are rushing to buy the multi-chain Dogecoin derivative ICO Dogeverse before its presale ends in less than 10 days.
After raising $15 million in early funding, it is no wonder that crypto YouTuber Jacob Bury says DOGEVERSE has the potential to soar 100X after launch.
Dogeverse Offers Investors Last Chance To Buy Before Launch
Dogeverse (DOGEVERSE) is the first meme coin to operate across multiple networks. It’s deployed on Ethereum, Solana, Polygon, BNB Chain, Avalanche, and Base. By bridging the six blockchains, the token seeks to create a unified space for market participants and investors.
The project is inspired by the mascot Cosmo, which can hyperjump between crypto networks, allowing token holders to seamlessly bridge between various crypto chains.
Why limit to one when you can have it all? $DOGEVERSE begins on the secure #Ethereum network, ensuring robust security and reliability. 🛡️💻
🔥 Bridging gaps between #Cryptocurrency ecosystems, we enhance liquidity, utility, and fun across the entire #Cryptoverse! 🎉#AltSeason pic.twitter.com/zOg8albhry
— DogeVerse (@The_DogeVerse) May 3, 2024
Dogeverse also offers investors an enticing native staking option with a 51% annual percentage yield (APY). As the project deployed its smart contract on the Ethereum network, only purchases made with ETH are eligible for staking.
The Dogeverse presale ends on June 3 at 10 a.m. UTC. Claims will then commence two days later, on June 5, at 10 a.m. UTC.
Get ready to blast off with Cosmo! 🚀🌀
⏳ #Presale ends on June 3rd at 10 AM UTC!
🌐 Claim launches on June 5th at 10 AM UTC!
This is your LAST CHANCE to join Cosmo on his #Blockchain adventures before the official launch! 🌌
Don’t miss out! The clock is ticking! 📣… pic.twitter.com/QwpzWcm947
— DogeVerse (@The_DogeVerse) May 23, 2024
There’s still time to participate in the presale by buying $DOGEVERSE for $0.00031 per token. Buy soon, though, before the team launches the token on major exchanges.
Buy $DOGEVERSE on the official website here.
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