Ethena (ENA) pumped 12% today, making it the second-best gainer among the top 100 altcoins in an overall red market. The primary reason for this surge is likely related to Coinbase listing ENA for perpetual futures trading.
Ethereum based cloud mining platform Bitcoin Minetrix (BTCMTX) was also listed on Uniswap, following the end of its crypto presale.
Given its robust technical foundations, investors in Ethena might potentially find Bitcoin Minetrix an intriguing project to explore - view the latest price chart on DEXTools and DEX Screener.
Ethena Price Technical Analysis
ENA is trading within a descending triangle pattern, as evident from the ENA/USDT chart. However, with today's pump, ENA has seemingly broken out of this pattern and entered a discovery mode, potentially ready to attack new highs.
Currently trading around $0.88, breaking the $1 level should be the next logical step for ENA. Its all-time high stands at approximately $1.5, achieved earlier this month.
The MACD (Moving Average Convergence Divergence) line is above the MACD signal line, indicating a bullish trend.
The MACD is a popular technical indicator that measures the relationship between two moving averages, with the MACD line being the difference between the two averages, and the signal line being a moving average of the MACD line itself.
The Relative Strength Index (RSI) on the daily chart is at 52, suggesting a neutral momentum. The RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100, with readings above 70 considered overbought and below 30 considered oversold.
Based on the technical analysis above, ENA could potentially continue its upward trajectory, especially if it can sustain its momentum and break through the $1 resistance level.
Coinbase Listing's Impact on ENA Price
Coinbase's announcement to add support for Aevo, Ethena, and Etherfi perpetual futures on their International Exchange and Coinbase Advanced is significant for ENA's price.
Listings on major exchanges often lead to increased liquidity, visibility, and accessibility, potentially driving demand and contributing to price appreciation.
@CoinbaseIntExch will add support for Aevo, Ethena, and Etherfi perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our AEVO-PERP, ENA-PERP, and ETHFI-PERP markets will begin on or after 9:30am UTC on 2 MAY 2024. pic.twitter.com/41tyomtH0I
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) April 25, 2024
Bitcoin Minetrix (BTCMTX) - ETH Based Bitcoin Mining Solution
Bitcoin Minetrix is a new solution that facilitates Bitcoin mining on the Ethereum blockchain, providing users with the opportunity to earn passive Bitcoin rewards without the need for extensive technical knowledge or substantial upfront costs.
Read an early review of the project here from the start of its presale.
BTCMTX token token finally launched on Uniswap today and can be traded via DEXTools and DEX Screener as well. Despite the anticipation surrounding BTCMTX's launch, the project faced some skepticism within its community, with concerns arising about whether the token would launch at all.
This fear, uncertainty, and doubt (FUD) may have contributed to the token's 26% plunge since its debut on Uniswap.
According to data from DEXTools, BTCMTX's current market capitalization stands at $36 million. With the successful launch, however, the team has, for now, proven the doubters wrong concerning the project's viability.
Bitcoin Minetrix aims to address the challenges associated with traditional Bitcoin mining, such as complexity and the requirement for significant investments.
Users can stake $BTCMTX tokens through an Ethereum-compatible wallet like MetaMask to receive non-transferable mining credits. These credits can then be utilized to purchase mining power and eventually receive Bitcoin rewards.
By introducing a tokenized approach to cloud mining, Bitcoin Minetrix allows investors to stake tokens instead of relying on cash-based contracts or minimum deposits.
How Bitcoin Minetrix Operates:
Stake-to-Mine Concept: Users purchase $BTCMTX tokens and stake them on the platform, receiving non-transferable ERC20 token credits in return. These credits can be exchanged for Bitcoin mining time or a percentage of Bitcoin mining yields.
Transparency and Security: Bitcoin Minetrix aims to enhance transparency and security in cloud mining by tokenizing the entire operation and offering a flexible staking model for investors.
Audit and Credibility: The platform has undergone an audit by Coinsult to ensure the integrity and transparency of its smart contract governing staking activities, enhancing credibility among users.
All in all, ENA buyers, who should be the ones interested in technical projects, might potentially add BTCMTX to their respective watchlists. The project has also been positively reviewed by some of the largest crypto news outlets such as CryptoPotato.
Conclusion
Ethena (ENA) has enjoyed a significant price surge, potentially driven by its recent listing on Coinbase for perpetual futures trading. With its technical indicators suggesting bullish momentum, ENA could continue its upward trajectory if it can sustain its current pace and break through key resistance levels.
Projects like Bitcoin Minetrix (BTCMTX) are introducing novel approaches to traditional concepts like Bitcoin mining. By tokenizing the mining process and offering a stake-to-mine model, BTCMTX aims to make Bitcoin mining more accessible and transparent for a broader audience. Uniswap's successful launch today is also a positive sign.
While its long-term success remains to be seen, projects like BTCMTX demonstrate the versatility and potential of blockchain technology to disrupt various industries.
Visit Bitcoin MinetrixDisclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
