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The Ethena price surged 10% in the last 24 hours to trade at $0.48 as of 03:51 a.m. EST on trading volume that skyrocketed 84% to $193 million.
This comes after spot Ethereum ETF (exchange-traded funds) products debuted in the US to robust investor interest, sucking in $107 million in net inflows.
Meanwhile, Ethena has announced plans to allocate a portion of its $235 million USDT stablecoin collateral and $45 million surplus reserve into yield-generating real-world asset (RWA) offerings. The move is seen as a means to diversify its investment portfolio and enhance returns for its investors.
From July 20, the price of Ethena went through a retrace to find support at around $0.42, according to data from GeckoTerminal.
After the ETH ETFs debuted, ERC-20 tokens have seen massive gains, with ENA soaring from the $0.42 support to climb up, forming a rounding bottom pattern on the last day.
Ethena Price To Continue Surging Over The Rounding Bottom
The Ethena price aims for a sustained bullish rally as it trades well above both the 50-day and 200-day Simple Moving Averages (SMAs).
Moreover, the Relative Strength Index (RSI) is climbing up toward the 70-overbought region, which shows that buyers are actively buying, an indication of continued investor optimism.
The Moving Average Convergence Divergence (MACD) is trading up above the neutral line, a signal of the bullish stance by the bulls. The blue MACD line is also crossing above the orange signal line, forming a bullish crossover. A bullish crossover could encourage the bulls to buy more, which may push the token over the rounding bottom as they target $0.53.
The RSI and MACD could encourage optimistic investors to buy more, which could push the token up.
However, the 200-day SMA crosses below the 50-day SMA, forming a death cross at $0.46. A death cross may prompt the bears to take control of the price, which may push the token back to the next support, around $0.44 (50-day SMA).
Meanwhile, as ENA bulls aim for a rally to the upside, the 99Bitcoins YouTube channel, with over 705,000 subscribers, says that Solana GameFi presale Mega Dice (DICE) has the potential to soar 100X after its launch.
GameFi Sensation Mega Dice Zooms Past $1.65 Million In Blockbuster Presale
Mega Dice is shaking up the crypto gaming landscape, having recently hit the $1.65 million mark in its presale. The project stands out as a top brand in the crypto casino domain, boasting over 10,000 active players and monthly wagers exceeding $50 million.
Its customers enjoy over 4,000 casino games and 50 sports and eSports betting options.
Token holders also stand to share in the casino’s profits daily through its unique staking system.
Uncover ancient treasures and spin your way to BIG wins with our #NewGame release #TombOfGold by @ThePlayngo at Mega Dice Casino! 🏺
Ready for an adventure? 😏
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— Mega Dice Casino (@megadice) June 1, 2024
Now it’s launched its DICE token with the aim of challenging the ascendancy of the crypto casino titan Rollbit Coin.
To join the presale, you can buy $DICE on the official website here for $0.100254 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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