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The Ethena price surged more than 8% over the past 24 hours to trade at $0.8901 as of 12:20 a.m. EST as investors rush to buy the altcoin.
The strong ENA price performance follows an announcement made by Coinbase last week that it would launch Ethena, Etherfi and Aevo perpetual futures on its platform from May 2.
@CoinbaseIntExch will add support for Aevo, Ethena, and Etherfi perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our AEVO-PERP, ENA-PERP, and ETHFI-PERP markets will begin on or after 9:30am UTC on 2 MAY 2024. pic.twitter.com/41tyomtH0I
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 25, 2024
The Ethena Price Breaks Above A Negative Trend Line
4-hour chart for ENA/USDT (Source: TradingView)
The Ethena price was able to break above a medium-term negative trend line that had formed on its charts. Traders are now attempting to push the crypto’s price above the $0.951 barrier as a result.
If ENA closes a 4-hour candle above $0.951 within the next 12 hours, it could have a solid platform to rise off from in the following 24 hours. Traders might also identify a break above this threshold as a long entry.
With this potential influx of buy pressure, the Ethena price could flip the $1.034 resistance into support as well. The crypto might even climb to as high as $1.118 in the short term if the bullish momentum persists.
However, a rejection from the $0.951 resistance in the next 12 hours could prevent a positive move from taking place. In this alternative scenario, the Ethena price might retest the $0.830 support. Thereafter, continued sell pressure could force it to as low as $0.767.
The Ethena Price Trying To Climb Amid Mixed Technical Signals
Technical indicators on ENA’s 4-hour chart are sending mixed signals. Currently, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are contradicting each other.
On one hand, the Ethena price is in a positive trend, as signaled by the MACD line’s positioning above the MACD Signal line. Meanwhile, the RSI line is sloped negatively towards oversold territory, which could suggest a decrease in buyers’ strength.
The RSI is positioned bullishly above its Simple Moving Average (SMA) line to indicate that buyers have the upper hand against sellers. However,the negative slope of the former warns that this might not be the case for long.
Traders will also want to keep an eye on the MACD indicator because the gradient of the MACD Histogram is starting to level off. This might be an early sign of ENA’s bullish trend coming to an end and possibly undergoing a bearish reversal.
As the Ethena price tries to find its footing after overcoming a key negative trend line in the last 24 hours, investors are turning their attention to 5thScape as its presale races towards $6 million.
The Next Best Thing Of The Decade
5thScape is an innovative AR/VR platform. The project’s team has a strong belief that tokenization will play a major part in the future of AR/VR technology, which is why the ecosystem includes its own crypto token.
Through this token, holders will be able to participate in a variety of virtual experiences that are set to make their way to the platform. These include educational and entertainment experiences, with investors able to learn while also playing in a completely new way.
Beyond immersing themselves in movies, users will also be able to participate in a collection of interactive games. Cage Conquest, Epic Cricket Arena and Archery Master are just some of the games that will feature on the 5thScape platform.
A New Way To Earn Rewards
5thScape’s native 5SCAPE token will serve as a seamless and low-cost transactional medium on the platform.
🍏🆚🔮 When it comes to immersive tech, the choice is clear: Apple Vision Pro vs. Meta Quest 3. Apple dazzles with 4K visuals, custom design, and spatial audio. Meta Quest 3 offers affordability and a wide app selection. It's a battle of innovation vs. accessibility!#5thScape… pic.twitter.com/jQC0mYpBHf
— 5th Scape (@5th_scape) April 24, 2024
Gamers will be able to utilize this efficient payment railway to purchase assets that enhance their overall VR/AR experience. Meanwhile, developers who build games on the platform will be rewarded for their contributions in 5SCAPE.
A portion of all the transaction fees collected in the ecosystem will also be directed to a dynamic staking pool, which means investors can earn in a way that is not solely dependent on the speculative nature of the crypto market.
To join this opportunity, investors can buy 5SCAPE on its official website. The token is selling for $0.00327 and can be bought using either ETH, MATIC, BNB, USDT or a bank card.
Purchase 5SCAPE before its official launch here.
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