Ethena Price Prediction: ENA Surges 65% In A Week!!

#BullorBear #BinanceLaunchpool #WIF #SHIB #Memecoins The Ethena price rose 4% in the last 24 hours and 65% in a week to trade at $1.35 as of 00:18 a.m. EST on trading volume that dropped 27% to $1 billion.This comes as the team announced an increase in staking rewards in its Season 2 update. With the update, users who lock $ENA at a minimum of 50% of their total USDe holdings per wallet will have a 50% increase in their wallets.

Ethena also introduced a Bitcoin purchasing and shorting strategy for yield generation, building on the same approach previously applied to Ether.

Ethena Price Set To Sustain Its Surge Within The Rising Channel

After its launch, the Ethena price rallied within a week to record an all-time high of $1.40 on April 9. Even with the price being just a fraction of a percentage down, ENA is still trading upward within the confines of a rising channel pattern.

The uptrend signals a breakout rally, with the altcoin acquiring momentum that may push the price to new highs. ENA is also trading above the 50-day Simple Moving Average (SMA), indicating an upward potential for the price.

Furthermore, the Relative Strength Index (RSI) is rebounding from oversold levels towards the overbought region, currently at 61. This suggests intense buying pressure and sustained investor optimism.

Ethena Price Prediction

The Ethena price analysis indicates ENA remains in bullish momentum within the rising channel pattern. The bulls aim to leverage RSI momentum for increased buying, targeting a new ATH of $1.8.

However, if bears dominate at this level, ENA might dip below the rising channel’s lower boundary to $1.25, aligning with the 50-day SMA.

Meanwhile, as the Ethena price surges, investors are also rushing to diversify their portfolios with 5thScape, the world’s first ever AR and VR crypto project.