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The Ethena price has pumped 4% in the last 24 hours to trade at $1.21 as of 12:35 a.m. EST on a 19% surge in trading volume to $1.2 billion.
This pump comes as Ethena Labs, the team behind USDe, integrates Bitcoin (BTC) as a backing asset for their synthetic dollar-pegged currency. This step is intended to increase USDe’s supply from its current $2 billion level.
Excited to announce that Ethena has onboarded BTC as a backing asset to USDe
This is a crucial unlock which will enable USDe to scale significantly from the current $2bn supply pic.twitter.com/FOZRWBrVZV
— Ethena Labs (@ethena_labs) April 4, 2024
Ethena Price Bulls Signals A Bullish Trend Continuation
ENAUSDT Analysis By Tradingview
The price of ENA is showing signs of continuing its bullish trend. The buyers have pushed the price up, creating a bullish pennant pattern, indicating that the bullish trend is likely to continue.
The consolidation channel suggests a battle between buyers and sellers over the price. Despite this, the 50-day simple moving average supports the Ethena price, indicating that the buyers may push the price above the pennant.
The relative strength index (RSI) shows a rebound at 48 and below the midline level of 50. If momentum continues to rise, the RSI might enter the overbought territory, which supports the bullish pennant scenario for Ethena’s price.
Ethena Price On The Brink Of Another Bullish Momentum
The buyers are ready to push the price again, potentially creating another wave of bullish momentum that could make some people millionaires. With support from the 50-day simple moving average and RSI, the buyers might seize the opportunity presented by the bullish pennant to push the price to a new all-time high of $1.62.
However, if the sellers step in, the price could fall below the 50-day simple moving average, giving the sellers a chance to push the price down towards the lower boundary of the pennant.
Smog: The Latest Craze On Solana, Trading On MEXC
While ENA bulls are waiting for clear signals of a bullish reversal, investors are piling into Smog, a Solana-based meme coin that listed on MEXC last week and is hinting at another top-tier exchange listing soon.
One big draw is the team’s promise of delivering the largest airdrop ever. It’s allocated 35% of the total token supply for this purpose, with Season 2 that started on Apr. 4 prioritizing rewarding on-chain trading activity. The greater your volume of holdings or trades, the larger your airdrop rewards will be for Season 2.
#Dragons, prepare yourselves for the imminent debut of $SMOG on an exchange! 💰
Finish all your daily tasks and accumulate as many points as possible before Season 1 concludes! 📊#SmogSwap in Season 2 will prioritize on-chain #Trading! 🔄
Keep an eye out for updates! 📣
— SMOG (@SMOGToken) March 28, 2024
Another big attraction is Smog’s staking feature, which offers an annual percentage yield (APY) of 42%.
According to 99Bitcoins, a YouTube channel boasting over 700k subscribers, further listings on centralized exchanges (CEX) might see Smog explode by another 100x.
With the MEXC listing in the bag and the likelihood of an additional exchange launch coming soon boosting sentiment around SMOG, now might be a perfect time to buy.
The best place to buy is on the official website, which is offering a 10% discount for a limited period. You can buy SMOG tokens by swapping ETH or USDT, or with a bank card.
Visit the official website to buy Smog here.
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