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Prediction for Ethena as it approaches $1
The Ethena price rose 13% today to $0.9165 as the cryptocurrency market rose 1% in 24 hours.
ENA, the Ethena synthetic dollar protocol's governance token, is up 16.5% in a week but down almost the same in a month.
Ethena has risen just over 70% since listing at the start of April, with some market heavyweights, including Delphi Ventures, predicting that it may become a major DeFi player.
ENA is expected to reach $1 in the coming weeks, and possibly higher in the coming months.
Should I Buy Ethena as It Nears $1?
ENA's indicators are bullish and close to overbought, but there may be room for more rises.
Its relative strength index (purple) soared to 80 this morning, which might be worrisome, but it has started climbing again after sliding below 70 in the past two hours.
ENA's 30-day average (orange) passed over the 200-day (blue) today, indicating a breakout phase.
Today, the coin's 24-hour trading volume rose to $400 million, although it's still far below its early April listing volume of $3 billion.
It's promising that whales are still accumulating ENA, suggesting greater growth in the next days and weeks.
Delphi recently predicted that Ethena will “become the highest revenue generating project in all of crypto.”
Ethena has promising prospects despite these powerful words.
It debuted last month as an Ethereum-based stablecoin initiative, issuing USDe, a dollar-pegged stablecoin with substantial staker rewards.
USDe has a market cap of $2.3 billion, and investors can issue additional tokens by depositing USDT and USDC.
The Ethena price may rise further due to its strong first growth.
The latter may hit $1 next week before recovering to $1.50 by summer.
