Ethena Price Prediction As ENA Plummets 9% Ahead Of Restaking Pools Release On Symbiotic

The Ethena price has plunged 9% to trade at $0.5496 as of 7:25 UTC. Accompanying the price movement, ENA’s market capitalization has notably dived 9% to $833 million, despite a surge in trading volume by 63% to $69 million, signalling a recent rise in market activity.  

This comes as Ethena’s anticipated staking pools on Symbiotic are set to be released on June 26. Symbiotic is a newly-launched protocol that enables permissionless restaking. 

Staked $ENA and $sUSDe will be the only newly available assets to deposit in @symbioticfi in the upcoming epoch with the initial LST caps all already filled within hours

Staked $ENA pools will launch on 26th of June

— Ethena Labs (@ethena_labs) June 17, 2024

Ethena notably stated in its announcement last week that staked ENA and sUSDE will be the only newly available assets to deposit in Symbiotic in the upcoming epoch. Moreover, the team project also detailed rewards for staked ENA in Symbiotic, including symbiotic points, mellow points, and potential future LayerZero RFP allocations. 

Staked $ENA in Symbiotic will receive the following rewards:

-Ethena 30x per ENA per day
-Symbiotic points
-Mellow points
-Future potential LayerZero RFP allocations (if allocated to Ethena)

— Ethena Labs (@ethena_labs) June 17, 2024

Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money that is not reliant on traditional banking system infrastructure. 

Ethena Statistical Data

Based on Coinmarketcap data:

• Ethena price now – $0.5496
• Ethena market cap – $833 million
• Ethena total supply – 15 trillion
• Ethena circulating supply  –  1.5 trillion 
• Ethena  ranking – #78

The Ethena price is trading with a bearish bias, consolidating within a descending parallel channel. Based on the outlook, the ENA bulls are pushing to defend the $0.5723 support level. However, the bears have control, and the token could slide lower.

The trendline is drawn from joining multiple swing low levels and highs between 4 June and 24 June, as shown in the 4-hour chart below.

The Ethena price main indicators show that the bulls are losing momentum towards the downside, invalidating the bullish stance on ENA’s market price. Supported by the technical outlook, the bearish bias is still strong, as the Ethena price is trading below both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as the immediate resistance levels at $0.63 and $0.80, respectively.

Moreover, the Relative Strength Index (RSI) remains suppressed below the 30-oversold level, currently at 27. If the RSI value is below the 50 threshold, it typically indicates that the cryptocurrency is in a downtrend. This could signal that the market is in a period of consolidation, with selling pressure outweighing buying pressure. The bears have the upper hand in this scenario, intensifying the bearish thesis. 

On the other hand, the MACD (Moving Average Convergence Divergence) cements the bearish outlook, as the indicator remains suppressed in the negative territory. When the MACD line(Blue) is below the signal line(Orange), it suggests that the short-term trend momentum is negative. This indicates the potential for further downward movement in the ENA price.

Ethena Price Prediction: Will The Bulls Initiate A Bull Rally?

If the bulls seize the opportunity to buy the dip, the Ethena price could recover. Moreover, if the RSI tilts towards the upper side above the 50-mean level, the bulls could drive above the 50-day SMA and break above the upper boundary of the falling channel. This could trigger a bull rally, causing the price to jump to around $0.8047, coinciding with the 200-day SMA.

Conversely, if the bears keep on with the downtrend, the Ethena price could extend the fall to record a new range low. In a dire case, ENA would retest at around $0.4147 psychological level, slightly below the lower boundary.

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