Ethena price has increased by 97% in a week and 18% in the past 24 hours, currently trading at $1.288, with trading volume surging by 95%.
This comes amid hype surrounding the staking feature of the ENAT token.
What happened in crypto over the past 12 hours?
– Binance lists SAGA token
– Ethena Token Staking
– RON token buyback
– TON Web3 Mobile and Roadmap
– Big news for T Token (tBTC)
– $10 million subsidy in DEGEN tokens
– HIGH token countdown is 3 days away
The SAGA token is scheduled to be listed on Binance at 08:00 UTC on April 9.
“Users who lock at least 50% of their ENA tokens against their total USDe holdings in their wallets will receive a 50% reward increase, as well as the most number of daily rewards of any mining pool,” Ethena Labs said in a post on the X platform.
Today, we are introducing ENA tokens into Season 2 to more closely align with the growth of USDe. Users who lock at least 50% of their total USDe holdings in their wallets will receive the following rewards:
i) Rewards increased by 50%
ii) Maximum number of rewards per day
In addition, MakerDAO added more funds to Ethena Labs, immediately opening up an additional $100 million in capacity. Notably, the funds approved for deployment have reached $600 million.
An upcoming executive vote will make changes to key parameters of @sparkdotfi's DAI liquidity deployment. The proposal seeks to increase the liability cap on the direct deposit module to 1 billion DAI and make an initial distribution of 600 million DAI, as proposed.
At the same time, the Ethena Labs community launched a community event that allows first-time registrants to participate in the second season of the “ENA Early Adopters Rewards” by registering.
Only those who register within the next 24 hours are eligible to participate. Get started now: [link]
In addition, Web3 data analysis tool Lookonchain observed that the price of Ether has risen by nearly 100% since the project went online. Lookonchain also pointed out that in the past 12 hours, a wallet deposited 62.5 million ENA tokens, worth nearly $84 million, to the exchange Binance.
It is worth noting that depositing tokens on an exchange is often interpreted as an intention to sell, which can be negative for the ether price.
Ethereum Price Prediction:
Ether price is trading with a bullish bias, remaining within a consolidation range above an uptrend line. This bullish outlook is supported by the Parabolic Stop and Reverse (SAR) indicator, which is tracking BTC price from below. As long as this price-following indicator is tracking the asset from below, the likelihood of an up move is higher.
However, despite the limited prospects of ruling the chart, it is important to note that the Ether price is still range bound between the upper limit of $0.861 and the lower limit of $1.405. With the upper potential being capped at $1.405, the ENA market could see a correction. This could result in a reversal of the moving averages, taking the Ether price back to the middle of the market range, which is the 50% Fibonacci retracement level of $1.133.
Note that the Relative Weakness Index (RSI) is moving smoothly, indicating stagnant momentum. However, its position above the "50" average level shows that the market remains bullish. This is supported by the Moving Average Convergence Divergence (MACD) and its histogram's position in the positive territory.
The increased buying pressure could cause the Ether price to break above the $1.405 resistance level, rising further and setting higher market peaks.
On the contrary, if the bears take over the market, the Ether price may fall, based on the above-mentioned moving average reversal theory. Although a drop below the 50% Fibonacci placeholder of $1.133 would be terrible, the bullish outlook would only be invalidated if the 4-hour candlestick chart closes below the bottom of the market range at $0.861.
The above move would mean a new low relative to the low recorded on April 5. This would encourage more sell orders, potentially causing Ether prices to fall.
For investors willing to take on a higher level of risk in exchange for greater potential rewards, Solana meme coin Slothana is one of the hottest assets to consider.
An attractive alternative to Ethena
Memecoins, especially those running on the Solana blockchain, are currently dominating the conversation in the cryptocurrency space.
One of the hottest tokens on the Solana network is Slothana (SLOTH), which features an ambitious 420-friendly sloth image. In just a few days, investors have poured more than $10 million into Slothana’s ICO. This is because they hope to achieve early success like other Solana meme tokens such as SLERF, WIF, and BONK.
The appeal of the Slothana project lies in its laid-back character, living on the blockchain.
Inspired by the success of established Solana memecoins like BOME and SLERF, Slothana plans to replicate their outstanding growth. Although not yet listed for trading on exchanges, $SLOTH plans to be listed on both decentralized (DEX) and centralized (CEX) platforms.
This could be an opportunity for early investors as some meme tokens have experienced significant price increases after being listed for trading.
The current bullish cryptocurrency market, with an eye on the Bitcoin halving, makes early investments in projects like Slothana particularly attractive. Capitalizing on this trend, and potentially being listed on major exchanges like Binance, could make Slothana a prime investment opportunity in 2024.
With Slothana already raising millions of dollars in presale funds in just one week, it is expected to emulate the success of other Solana memecoins and experience explosive growth.
To purchase Slothana, please visit [link].
Also read:
How to Buy Slothana - SLOTH Presale Review
420-Friendly Solana Memecoin Slothana Raises $10M in ICO Funding
Is Slothana potentially the next 100x Solana presale gem and surpassing SLERF?
Top Three Presale Gems with 100x Potential - 5th Scape, Dogecoin20, and Slothana
Best Penny Crypto Investments With Potential Explosive Growth in 2024!
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