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The Ethena price surged 9% in the last 24 hours to trade at $0.3967 as of 1:18 a.m. EST on trading volume that skyrocketed 53% to $138 million.
ENA shows signs of a rebound, days after the token went into a retracement over the weekend.
This came after German financial supervisory authority BaFin identified serious deficiencies in Ethena’s USDe token, which the company calls a synthetic dollar.
🔍 "German regulator halts Ethena's USDe stablecoin sales due to 'serious deficiencies' in the approval process. This action underscores the critical role regulatory compliance plays in #cryptocurrency space. How can crypto firms better navigate these complexities? pic.twitter.com/RTRg1Y3Iqv
— Afritab (@Afritab) March 22, 2025
BaFin then forbade the issuer from offering it to the public with immediate effect.
Ethena Price Preparing For An Upward Breakout
The ENA price shows a notable Cup and Handle formation, which is typically a bullish continuation pattern. The Ethena price invalidated this pattern, which led to ENA entering a descending channel, indicating a corrective phase.
According to data from GeckoTerminal, ENA trades below the 50-day Simple Moving Average (SMA) at $0.4261 and the 200-day SMA at $0.5820, reinforcing a bearish sentiment.
However, recent action suggests that the price of Ethena is attempting to break out of the downtrend, signaling a possible reversal.
The Relative Strength Index (RSI) is at 49.70, placing it in neutral territory. If the RSI moves above 50, it could indicate a strengthening bullish momentum. A push above 60 would further confirm a breakout.
The Moving Average Convergence Divergence (MACD) line is slightly above the signal line, suggesting that bearish momentum is weakening. If the MACD crosses above zero, it would confirm a bullish reversal.
ENA Price Prediction
The Ethena price is currently at a crucial level. If it successfully breaks out of the descending channel and moves above the 50-day SMA, there could be a rally toward $0.50–$0.58 in the short term.
In a bullish scenario, a further push beyond $0.58 could drive the price of ENA toward $0.75–$1.00.
On the downside, if the price of Ethena fails to gain momentum, it may test support near $0.30, which could lead to further consolidation.
In the meantime, investors are flocking to buy Best Wallet (BEST), which popular YouTuber ClayBro, with over 136K subscribers, says has the potential to soar 10X after launch.
Best Wallet Presale Heads Towards $12 Million – Next Crypto To Explode?
Best Wallet is rapidly emerging as a top choice for those entering the cryptocurrency market and its presale has already surged past $11.3 million.
The wallet supports more than 60 blockchains and features a built-in DEX, presale aggregator, and crypto debit card.
Its native token, BEST, powers an ecosystem designed to simplify on-chain activities while minimizing security risks, making it a standout in the competitive crypto wallet space.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
Among Best Wallet’s many features, one is gaining outsized interest from investors. That is its “Upcoming Tokens” section, which helps users discover promising projects still in the early stages.
The project’s success in identifying promising cryptos is already well-established. It flagged Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Investors can also stake BEST tokens for a huge 139% annual return. Currently, BEST tokens are priced at $0.02445.
Those interested should buy before a presale price hike in less than 12 hours.
Check out BEST on its official website.
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Best Wallet - Diversify Your Crypto Portfolio
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