Ethena has been the best-performing cryptocurrency in 2024 so far. In the last 30 days alone, Ethena has risen by 72%. This momentum is getting more robust daily, with Ethena up by over 10% in the last 24 hours.
Ethena is a cryptocurrency that offers synthetic dollars and runs on the Ethereum blockchain. The idea is to ensure a crypto solution to money that does not rely on traditional banking. On top of offering synthetic dollars, Ethena offers dollar savings instruments known as internet bonds.
Advertisement
Lots Of Positive News In A Short Time
Ethena’s recent rally has much to do with all the good news coming from the Ethena ecosystem recently. In February, Ethena announced the launch of its mainnet, and since then, there has been good news. For instance, Ethena announced last week that they were onboarding BTC to back its USDe. This is a big deal as it allows Ethena’s USDe to scale significantly, further cementing Ethena’s position in the synthetic dollar space.
Ethena has also been working to ensure that everything runs as planned. While announcing the BTC backing of USDe, Ethena also revealed through their X account that they had launched a bug bounty program. This will be done in partnership with Immunefi. With a reward of up to $3 million, the bounty aims to find any bugs in the smart contract that can compromise its security.
Excited to announce that Ethena has onboarded BTC as a backing asset to USDe
This is a crucial unlock which will enable USDe to scale significantly from the current $2bn supply pic.twitter.com/FOZRWBrVZV
— Ethena Labs (@ethena_labs) April 4, 2024
A confluence of these big news has helped push Ethena to become one of the best-performing cryptocurrencies in the last 24 hours. The buildup in FOMO will likely keep growing now that Bitcoin is gaining upside momentum and driving attention to the broader market.
Ethena Is Available On Most Top Exchanges
The momentum in Ethena is also boosted by the fact that Ethena is currently listed on most major exchanges. Anyone looking to buy Ethena can do so at top exchanges such as Binance, ByBit, and Kucoin. As the price continues to increase momentum, there is an easy avenue for retail money to FOMO into this top cryptocurrency. This ease of access has already been instrumental in the continued price rally for Ethena now that good news keeps coming out of the Ethena ecosystem every day.
📢 New Listing – $ENA @ethena_labs#Bitget will list ENA/USDT with 4,162,500 $ENA up for grabs! #ENAListBitget
🔹Deposit: opened
🔹Trading starts: 8:00 AM, April 2 (UTC)More details: https://t.co/Z4NNgnoaf7 pic.twitter.com/Jvw3bxKFdz
— Bitget (@bitgetglobal) April 1, 2024
In the section below, we look at Ethena’s price action to determine how it could trade going forward and whether it is an excellent cryptocurrency to buy now.
Ethena Crypto Price Prediction
When going to press, Ethena was trading at $1.19, up by 10% to $1.20. The market cap has also risen by 9.81%, hitting $1.705 billion in the last 24 hours. However, trading volumes have declined in the last 24 hours, down by 13% to $883.289 million.
In the last 24 hours, Ethena has been trading in a bullish channel, making higher lows over the last couple of hours. This indicates that bulls are firmly in control, and every tiny dip in the price is being bought up. However, for the upside momentum to continue, bulls need to push Ethena through the intra-day high of $1.253, now a critical resistance level. If bulls push Ethena through this resistance, then $2 could easily come into focus within the day.
However, two scenarios could play out today if buying volumes drop, as is evident in the drop in Ethena trading volumes in the last 24 hours. The first is a possible consolidation in the price of Ethena between the day’s high of $1.253 and $1.076, a key Ethena support level in the day.
In the second scenario, bears take control during the day and push Ethena through the $1.076 support. This could happen when profit-taking after the recent price rally triggers an increase in short sellers looking to capitalize on a price correction.
Why A Rally To $2 Is Most Likely
While any of the scenarios above can play out today, the odds are higher that Ethena could hit $2 within the day. That’s because Bitcoin is sending bullish signals, and Ethena is one of the top cryptocurrencies that have caught up with this momentum. This means more money could flow into Ethena in the short term compared to most altcoins in anticipation of even higher prices.
Advertisement
