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The Ethena price soared 16% in the last 24 hours to trade at $1.176 as of 8:17 p.m. EST on trading volume that skyrocketed 213% to $1.1 billion, according to CoinGecko.
Ethena Price Could Continue Soaring
The ENA/USDT chart analysis on the 6-hour timeframe showcases a clear bullish trend, with price action showing sustained upward momentum over the past few weeks. The Ethena price is trading within a well-defined ascending channel, with higher highs and higher lows.
Currently, the price of Ethena is testing the upper trendline near $1.1993, indicating strong buying pressure. A breakout above this level could signal further gains.
Meanwhile, ENA price still trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which is a signal that the bulls still have control of the price.
The Relative Strength Index (RSI) is at 66.55, which is approaching the overbought zone but still remains within neutral to bullish territory. This suggests strong buying momentum, though a potential short-term consolidation or correction could occur if RSI climbs above 70.
The Moving Average Convergence Divergence (MACD) line (blue) has just crossed above the signal line (orange), with a rising histogram showing increasing bullish momentum. This bullish crossover confirms that buyers are in control, and the trend is likely to continue higher in the short term.
If the price successfully breaks above the upper trendline of the ascending channel near $1.20, it could move toward the next psychological resistance level of $1.50.
ENA/USDT Chart Analysis (Source: Tradingview)
Conversely, if a pullback occurs, the price could retest support around $0.98 (50-day SMA) or the lower channel boundary, where buyers are likely to step in.
As the Ethena price aims for a sustained rally, investors looking for alternatives may want to consider Crypto All-Stars (STARS). YouTuber ClayBro, with over 130K subscribers, says STARS has the potential to soar 10X after its launch.
Crypto All-Stars Heads For $18 Million – Only 5 Days Left
The Crypto All-Stars presale has raised more than $17.4 million, making the new multi-chain meme coin staking protocol one of the biggest ICOs of the year. As the hype around the token increases, investors now have only 5 days left to buy the token before its listing on major exchanges.
The project brings the MemeVault ecosystem into the crypto world, allowing investors to stake multiple meme coins in one place for the first time, earning rewards in $STARS tokens.
What Is Crypto All-Stars?
Crypto All-Stars is set to revolutionize the meme coin sector with its innovative ‘Meme Vault’ platform. 💥
This is more than just another meme coin – it's an entirely new way to interact with the meme coin ecosystem!
— web3telepath (@web3telepath) August 15, 2024
Crypto All-Stars supports the staking of meme coins that include Pepe, Dogecoin, Shiba Inu, and Floki, as well as Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. The platform plans to expand its list of stakeable meme coins in the coming months.
Traders can also stake STARS tokens for a huge 166% annual percentage yield (APY).
Currently, $STARS is available for $0.0016782.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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