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Cryptocurrency News Articles
ENA Price Prediction: Ethena Labs Proposes Adding Solana to USDe Collateral Mix, Will ENA Price Continue Soaring?
Oct 15, 2024 at 04:18 pm
The Ethena price surged 9% in the last 24 hours to trade at $0.411 as of 00:24 a.m. EST on trading volume that rose 3% to $417 million.
The Ethena price surged 9% in the last 24 hours to trade at $0.411 as of 00:24 a.m. EST on Monday. This comes as Ethena Labs, the entity behind the synthetic stablecoin USDe, has proposed adding Solana to the Stablecoin’s collateral mix. If approved, this addition will allow users to mint USDe using solana (SOL) as collateral.
According to the proposal, the platform will gradually introduce SOL as a collateral asset for USDe, subject to approval from Ethena’s independent Risk Committee. The committee will assess the solana network’s performance, liquidity, and technical integration with the Ethena platform.
The proposal outlines a plan to introduce solana in phases, starting with a small solana utilization ratio and gradually increasing it based on solana network performance and demand for solana-collateralized USDe.
This news drove up the demand for Ethena, leading to a surge in its price. The last time Ethena price saw such a surge was in mid-October when the price rallied from the $0.30 level to the $0.38 resistance zone.
After failing to break through the resistance zone, the price of Ethena corrected back down to the $0.34 support, which completed a cup and handle pattern on the 4-hour chart. From the support, the bulls pushed the price of Ethena back up to the resistance zone.
This resistance was met with strong buying pressure, which drove the price of Ethena through the resistance zone and into a new wave of bullish momentum. This bullish momentum is what carried the price of Ethena up another 9% in the last 24 hours.
With the 50-day and 200-day Simple Moving Averages (SMAs) now acting as support below the price of Ethena, the bulls appear to be in control of the price direction. However, the Relative Strength Index (RSI) is now showing that the asset is overvalued (above 70). This may be a selling signal for the bears.
If the bears decide to push their luck, they could drive Ethena through a correction down to the 50-day SMA at $0.31, which would complete a fib 0.382 retracement from the recent highs. From there, the bears could attempt to drive Ethena down to the fib 0.5 retracement level at $0.28.
However, if the bulls maintain control, they could drive Ethena up to the next fib 0.382 retracement level at $0.50, which would be the next major resistance level. After breaking through this fib level, the bulls could aim for the fib 0.5 retracement level at $0.68.
As the Ethena price rallies, some investors are turning to presale meme coins like the newly launched Flockerz (FLOCK), which YouTube channel 99Bitcoins, with 706K subscribers, says has the potential to soar 100X after its launch.
F͏lockerz ͏empowers its͏ com͏munity, “T͏he ͏Fl͏oc͏k͏,” to ma͏ke key decisions about the project’s future strategy. That differentiates it from most other meme coins, where key decisions are made by an inner circle.
Flockerz even uses a Vote-To-Earn (V2E) system to incentivize participation in the decision-making process, enabling holders who vote on decisions to earn $FLOCK tokens.
Apart from V2E rewards, users can also earn passively through the platform’s staking mechanism, which offers a mouth-watering annual yield of 2,466%.
If you would like to join investors who have already pumped more than $706k into the project, you can buy $FLOCK on the official website for $0.00576999 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in a little more than a day to secure the best deal.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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