$ENA Price Prediction 2024
🚀 Ethena (ENA) is currently trading at $0.917006283729 and sits at number #79 on CoinMarketCap in terms of market capitalization. There are 1425000000 ENA coins currently in circulation, bringing the total market cap to $1306733954.31.
Over the past 24 hours, Ethena has increased by 59.6%. Looking at the last week, the coin is up by 33.36%. 🚀
❗️ Indications from the Bollinger Bands (BB) showed high volatility around the token. However, ENA was not overbought yet as the upper band of the BB evaded touching the token’s price. It was the same with the lower bands. Hence, the price could rise to $0.93 in the short. The worst-case bearish scenario could see ENA drop to $0.71.❗️
📈 On the 15-minute timeframe, ENA swung up and down. At some point, the token maintained an uptrend. However, there were times when bears forced the price down. ENA’s price action seemed normal for a token that was launched a few days ago.📈
🔥 In 2024, investors like Arthur Hayes, expect ENA’s price to go parabolic. For instance, in a post on X (formerly Twitter), Hayes noted that the influx of the Asian market could drive the price higher. In another post, the BitMEX co-founder noted that the price could hit $10🔥
❗️Regardless of the optimism shown, it is necessary to analyze ENA from a technical point of view. According to the ENA/USD 1-Hour Chart, the Awesome Oscillator (AO) was positive, indicating increasing upward momentum.❗️
For those unfamiliar, Ethena is a synthetic dollar protocol and internet native yield project built on Ethereum (ETH). With Ethena, users can access a globally-acceptable dollar-denominated instrument which it calls USDe.
