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Cryptocurrency News Articles
ENA Rallies 10% as Ethereal Labs Proposes Direct DEX Integration with the Ethena Hedging Engine and Liquidity
Sep 30, 2024 at 10:29 pm
The Ethena price rallied 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.
Investors are quickly buying up the altcoin, which has caused the Ethena price to increase by more than 10% over the last 24 hours, reaching $0.3993 as of 5:37 a.m. EST.
This increase in the ENA price coincides with a proposal submitted by Ethereal, an integrated spot and perpetual futures DEX (decentralized exchange), to the Ethena community. The proposal suggests directly integrating the DEX with the Ethena hedging engine and liquidity.
The Ethena Price Approaches Resistance
4-hour chart for ENA/USD (Source: GeckoTerminal)
Over the last few days, the Ethena price has formed a medium-term ascending price channel as it continues to print a series of higher highs and higher lows. As ENA continues to trade within this positive channel, it is now attempting to overcome the critical resistance level at $0.4340.
If ENA can break above $0.4340 within the next 12 hours, the Ethena price may continue to rise over the following 24 hours. However, a rejection from this barrier could invalidate the bullish thesis. In this alternative scenario, the crypto may fall to the immediate support level at $0.3880.
If sellers continue to apply pressure on the Ethena price as it falls to $0.3880, the crypto may be at risk of plummeting to the next safety net at $0.3486. In an extreme bearish case, ENA could drop to as low as $0.3026 in the short term.
Indicators Suggest The Ethena Price May Be Losing Bullish Momentum
A glance at the technical indicators on the crypto’s 4-hour chart reveals signs warning that ENA’s bullish momentum is beginning to cool. Specifically, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are flashing bearish.
Over the last couple of hours, the MACD line has begun to flatten out 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.
RSI readings have also started to decline during the last few hours, indicating diminishing buyer strength. Currently, the indicator is valued at just above 62, suggesting that buyers could still drive the Ethena price higher if they wish. However, the negative slope of the RSI line indicates that bulls will need to act quickly to prevent a complete bearish takeover.
As Ethena attempts to continue its bullish streak, the layer-2 meme coin Pepe Unchained (PEPU) is displaying seemingly unstoppable momentum during its ongoing presale phase.
A Blockchain Dedicated To Enhancing The Flourishing Meme Coin Space
Pepe Unchained (PEPU) aims to amplify the transactional capabilities of the popular frog-themed PEPE and the other tokens within the thriving meme coin sector.
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.
Not only will this free up computational space on the Ethereum network, but it will also unlock speeds that are 100 times greater than that of any other meme coin currently in the market.
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.
With its ties to the legacy Ethereum network, investors will also 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.
With its mission to scale the meme coin sector through its layer-2 capabilities, it’s no wonder an analyst from the 99Bitcoins YouTube channel, boasting over 706K subscribers, is bullish on PEPU. In a recent video, the analyst stated that the meme coin could soar 10X after launch.
Investors Bet Big On PEPU’s Future At This Early Stage
The 99Bitcoins analyst isn’t the only one who anticipates great things in PEPU’s future. Investors are flocking to buy the crypto at ICO prices, as evidenced by the more than $16.5 million the project has raised so far. A whale also purchased $53K worth of PEPU over the weekend.
In addition to its predicted speculative potential, there is also a 130% APY on offer.
Most wanted Frog on the Block 😎 pic.twitter.com/ACbgccLKyg
— Pepe Unchained (@pepe_unchained) September 29, 2024
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- Bittensor (TAO) Eyes Rally & Bitcoin (BTC) Prices Climb as the Market Enters the Fourth Quarter of 2024
- Oct 01, 2024 at 02:20 am
- The cryptocurrency market is buzzing as we enter the fourth quarter of 2024. Bittensor (TAO) is nearing a crucial $400 mark, and analysts are hinting at a potential rally.