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The Ethena price rallied more than 10% in the last 24 hours to trade at $0.3993 as of 5:37 a.m. EST as investors buy into the altcoin at a rapid pace.
This surge in the ENA price comes as Ethereal, an integrated spot and perpetual futures DEX (decentralized exchange), submitted a proposal to the Ethena community proposing directly integrating the DEX with the Ethena hedging engine and liquidity.
The Ethena Price Approaching Resistance
4-hour chart for ENA/USD (Source: GeckoTerminal)
The Ethena price has formed a medium-term ascending price channel over the last few days after printing a series of higher highs and higher lows during this period. As the altcoin continues to trade within this positive channel, ENA is now attempting to overcome the major resistance level at $0.4340.
Breaking above $0.4340 within the next 12 hours might result in the Ethena price continuing to climb in the following 24 hours. However, a rejection from this barrier could invalidate the bullish thesis. In this alternative scenario, the crypto might fall to the immediate support level at $0.3880.
If sellers keep exerting pressure on the Ethena price should it fall to $0.3880, then the crypto might be at risk of plunging to the subsequent safety net at $0.3486. In an extremely bearish case, ENA could fall to as low as $0.3026 in the short term.
Indicators Warn That The Ethena Price Might Be Losing Its Bullish Strength
Looking at technical indicators on the crypto’s 4-hour chart, there are signs that warn ENA’s bullish momentum is starting to cool off. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flashing bearish.
In the last couple of hours, the MACD line has started to level off above the MACD Signal line. This has opened the door for sellers to enter ENA’s charts and potentially reverse its bullish trend. A confirmation that sellers have gained the upper hand will be if the MACD line crosses below the MACD Signal line.
RSI readings have also started to drop during the last few hours, signaling diminishing buyer strength. Currently, the indicator is valued at just above 62, which suggests that buyers can still push the Ethena price higher if they want to. However, the negative slope of the RSI line indicates that bulls will need to act fast to prevent a complete bearish taking over.
While Ethena attempts to keep its bullish streak going, the layer-2 meme coin Pepe Unchained (PEPU) is showing seemingly unstoppable momentum during its ongoing presale stage.
A Blockchain Dedicated To Enhancing The Flourishing Meme Coin Space
Pepe Unchained (PEPU) aims to increase the transactional capabilities of the popular frog-themed PEPE and the rest of the tokens in the vibrant meme coin sector.
To achieve this, the project will deploy its own layer-2 blockchain and shift the transaction processing workload of these cryptos off of Ethereum and onto its chain.
Not only will this free up computational space on the Ethereum network, it will also unlock speeds that are 100 times greater than that of any other meme coin presently in the market.
These lightning-quick speeds will be accessible through Pepe Unchained’s native PEPU token, which will also allow investors to send and receive crypto at next-to-nothing costs.
With its ties to the legacy Ethereum network, investors will also still be able to seamlessly shift value between the Ethereum and Pepe Unchained blockchains. This unlocks the dual benefit of Ethereum’s robust security framework and Pepe Unchained’s unmatched processing speeds.
With its mission to scale the meme coin sector through its layer-2 capabilities, it is easy to see why an analyst from the 99Bitcoins YouTube channel, which boasts over 706K subscribers, is bullish on PEPU. In a recent video, the analyst said that the meme coin could soar 10X after launch.
Investors Bet Big On PEPU’s Future At This Early Stage
The 99Bitcoins analyst is not the only one who anticipates great things in PEPU’s future. Investors are rushing to buy the crypto at ICO prices, as evident by the more than $16.5 million the project has raised so far. A whale also purchased $53K worth of PEPU over the weekend.
In addition to its predicted speculative potential, there is also a 130% APY on offer.
Most wanted Frog on the Block 😎 pic.twitter.com/ACbgccLKyg
— Pepe Unchained (@pepe_unchained) September 29, 2024
To gain access to the high APY, investors will first need to acquire PEPU through the simple buy widget embedded on its site. Selling for $0.00989, the token can be bought with either ETH, USDT, BNB or bank card.
To get the best deal, buy before a price hike in a little more than 1 day.
Purchase and stake PEPU here for up to 130% in annual rewards.
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