{"id":581621,"date":"2024-09-30T14:29:01","date_gmt":"2024-09-30T14:29:01","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=581621"},"modified":"2024-09-30T14:29:01","modified_gmt":"2024-09-30T14:29:01","slug":"ethena-price-prediction-ena-surges-10-on-ethereal-exchange-proposal-as-this-pepe-2-0-ico-goes-parabolic","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethena-price-prediction-ena-surges-10-on-ethereal-exchange-proposal-as-this-pepe-2-0-ico-goes-parabolic","title":{"rendered":"Ethena Price Prediction: ENA Surges 10% On Ethereal Exchange Proposal As This PEPE 2.0 ICO Goes Parabolic"},"content":{"rendered":"

The Ethena price <\/span>rallied<\/span><\/a> 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.<\/span><\/p>\n

This surge in the ENA price comes as Ethereal, an integrated spot and perpetual futures DEX (decentralized exchange), submitted a <\/span>proposal<\/span><\/a> to the Ethena community proposing directly integrating the DEX with the Ethena hedging engine and liquidity. <\/span><\/p>\n

The Ethena Price Approaching Resistance<\/span><\/h2>\n

\"ENA<\/p>\n

4-hour chart for ENA\/USD (Source: <\/span>GeckoTerminal<\/span><\/a>)<\/span><\/p>\n

The <\/span>Ethena<\/span><\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

If sellers keep exerting pressure on the Ethena price should it fall to $0.3880, then the <\/span>crypto<\/span><\/a> 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.<\/span><\/p>\n

Indicators Warn That The Ethena Price Might Be Losing Its Bullish Strength<\/span><\/h2>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

While Ethena attempts to keep its bullish streak going, the layer-2 meme coin <\/span>Pepe Unchained (PEPU)<\/span><\/a> is showing seemingly unstoppable momentum during its ongoing presale stage.<\/span><\/p>\n

A Blockchain Dedicated To Enhancing The Flourishing Meme Coin Space<\/span><\/h2>\n

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. <\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n