Ethena Price Prediction: ENA Plunges 8% as Experts Say 2.0 Meme Coin Could Rise 100X Again.

adminApril 5, 2024

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Ethena price sudden drop It was trading at $0.9421 as of 2:25 a.m. ET, up more than 8% in the past 24 hours as investors cashed in on some of their profits from the cryptocurrency’s latest rally.

Amid falling ENA prices, Ethena Labs added Bitcoin as collateral for USDe in response to concerns related to volatile APY. Ethena promised a 27.6% APY on staked USDe after launching Ethereum on February 19th. APY soared to 113% on March 5, then fell back to 7.15%.

We are excited to announce that Ethena has onboarded BTC as a supported asset for USDe.
This is a significant unlock that will allow USDe to significantly expand from its current $2 billion supply. pic.twitter.com/FOZRWBrVZV
— Athena Labs (@ethena_labs) April 4, 2024

Ethena price at risk of losing another support

ENA/USDT 1-hour chart (Source: TradingView)

that much Athena On the 1-hour chart of the last trading day, the price made several lower highs, forming a negative trend line. A descending triangle has also appeared on the cryptocurrency’s hourly chart, with the base of the triangle located at the $0.895 support level. This is a bearish chart pattern that is usually considered a harbinger of a correction.

If Ethena price falls below the $0.895 support in the next 6-12 hours, there is a risk of a fall to the next major support at $0.726. However, a 1-hour candle just above the hypotenuse of a descending triangle may invalidate the bearish hypothesis.

In this alternative scenario, traders could try to push ENA higher and turn the key resistance level at $1.201 into support. Establishing a position above this barrier could provide the foundation needed for Ethena price to rise to new all-time highs in the next few days.

Bulls and bears are trying to control Ethena price.

Technical indicators on the ENA hourly chart are sending mixed signals. On the one hand, ENA’s bearish momentum appears to be slowing. This can be seen as the Moving Average Convergence Divergence (MACD) histogram approaches zero.

Meanwhile, the Relative Strength Index (RSI) shows that sellers are becoming stronger compared to buyers, with the RSI breaking below the simple moving average (SMA) line. This is after the former was rejected by the latter in the last few hours.

While new to the market Athena Meme coin trying to find its footing Sponge V2 seeks to repeat the remarkable growth achieved during the bear market in 2023.

This meme coin could rise 100x again

Sponge is taking the cryptocurrency world by storm in 2023 after surging 100x while the rest of the market was stuck in a crypto winter. Immediately after his debut, the value of Meme Coin soared, pushing the cryptocurrency’s market capitalization to a record high of $100 million.

Sponge’s massive rise happened so quickly that many investors missed the opportunity to benefit from the significant gains the cryptocurrency printed last year.

This is why the Viral Meme Coin team decided to give investors a second chance to get in early before the launch of Sponge V2 causes another price surge.

To increase the chances of success, the Sponge team plans to introduce several upgrades to the meme coin ecosystem. These upgrades include P2E racer games, a profitable staking program, and a list of several major exchanges.

Sponge tokens (SPONGE) have also been migrated to the highly scalable and cost-effective Polygon blockchain.

Sponge V2 is more than just a meme coin

Sponge’s success in 2023 is largely fueled by the hype surrounding the meme coin. But this alone is not sustainable. Driven by this realization, the Meme Coin team decided to create a play-to-earn racer game that would be available in paid and free versions.

Do not forget it. #Sponger! 🧽︎#SpongeV2 has some exciting utilities coming soon. #P2E game! 🔥
Get ready to profit $sponge Play games to earn tokens and rank on the leaderboard.
Stay tuned for more details! 🚀#memecoin #Cryptocurrency #how #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024

Players will also have the opportunity to earn rewards paid in Meme Coins while using SPONGE tokens as credits in the paid version. Not only does this allow the cryptocurrency to expand into the burgeoning blockchain gaming sector, but it also provides a utility that many meme coins lack, separating SPONGE from the rest of the meme coin pack.

A profitable staking mechanism has also been introduced where holders can stake 168% of their tokens for annual rewards on Ethereum and 369% on Polygon.

Considering the list of updates coming to the SPONGE ecosystem, the price of meme coins could soar 100x again in the coming months.

Investors who want to purchase Sponge V2 can do so on the project website using ETH, USDT, MATIC or bank cards.

Purchase Sponge V2 on the project’s official website here.

SMOG – Meme Coin with Rewards