Ethena Price Prediction 2024: ENA Price Analysis
Whta's next for Ethena?
Key Takeaways
- Ethena’s ENA native token debuted on the market on April 2, 2024.
- It promptly joined the ranks of the top 100 cryptocurrencies by market capitalization.
- However, the coin recently dropped. What’s next for ENA?
- One price prediction says it may reach $1.40 next year.
Ethena’s ENA token made its debut on the market on April 2, 2024, and it already broke into the top 100 cryptocurrencies by market capitalization, jumping to over $1.45.
Ethena is a synthetic dollar protocol built on the Ethereum blockchain that introduced a novel stablecoin known as USDe. Unlike conventional stablecoins such as USDC or USDT, USDe does not rely on fiat currency pegs.
Instead, it functions as a synthetic dollar backed by cryptocurrency assets and short futures positions. This strategy allows Ethena to offer a censorship-resistant, scalable, and stable form of digital currency.
ENA managed to be one of the best performing coins during the tough month of April 2024.
On June 27, 2024, ENA was worth $0.5467.
Ethena did not respond to a request for comment.
Let’s take a look at our own Ethena price predictions. We’ll also examine the Ethena price history, and talk a little about what Ethena is and what it does.
Ethena Price Prediction
Let’s examine some of the Ethena price predictions CCN made on June 27, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum ENA Price Prediction | Average ENA Price Prediction | Maximum ENA Price Prediction | |
|---|---|---|---|
| 2024 | $0.49 | $1.12 | $1.20 |
| 2025 | $1.17 | $1.38 | $1.40 |
| 2030 | $3.68 | $3.82 | $4.02 |
Ethena Price Prediction for 2024
If the positive momentum continues and ENA breaks above its moving averages, it could reach targets between $0.49 and $1.20 by the end of 2024, with the average price set at $1.12.
Ethena Price Prediction for 2025
Technical analysis suggests a potential increase for ENA in 2025. The minimum Ethena price expected for 2025 is $1.17 while the maximum one is $1.40. In the middle, it may reach $1.38.
Ethena Price Prediction for 2030
Based on technical analysis, the ENA token may reach a maximum level of $4.02 at the beginning of the next decade, while, in the worst scenario, it may go to $3.68. The average expected price is $3.82.
Ethena Price Analysis
The price of Ethena (ENA) has surged recently, reaching a high of $0.9933, marking a significant increase over the past week. This surge has drawn market participants’ attention to this liquid asset, highlighting its volatility and market sensitivity.
The ENA/USD technical chart shows that after a slow rise from $0.857, ENA is expected to trade within a sideways range, primarily between $0.857 and $0.9933, with a peak at $0.995. These price movements have formed an ascending triangle, suggesting a potential breakout, particularly if the price surpasses the key psychological level of $1.
The first resistance level to watch is $0.995. A breakout above this level would pave the way to the crucial $1 mark. If ENA exceeds $1, it could reach new highs, encountering resistance at $1.085 and $1.05. On the downside, $0.95 provides support. If the price falls below this level, the market may retest lower support at $0.92.
Technical indicators show a weak bullish bias. The Moving Average Convergence Divergence (MACD) shows a bullish crossover as the MACD line moves up and crosses the signal line, indicating increased bullish momentum. Meanwhile, the Stochastic RSI is in the overbought zone, suggesting that the price might consolidate or experience a minor pullback in the short term before making higher highs.
In conclusion, Ethena has demonstrated resilience in this volatile market, and technical indicators offer some optimism for the near future. Ethena’s performance will likely be influenced by regulatory changes and market movements in the coming days, which traders and investors will be closely monitoring.
Ethena Price Performance Comparisons
| Current Price | One Month Ago | Price Change | |
|---|---|---|---|
| Ethena | $0.5467 | $0.9164 | -40% |
| Ondo | $1.16 | $1.2451 | -1.9% |
| Manta Network | $1.02 | $1.7858 | -41% |
| Wormhole | $0.3263 | $0.6011 | -46% |
Ethena Price History
| Time period | Ethena price |
|---|---|
| Last week (June 20, 2024) | $0.6845 |
| Last month (May 27, 2024) | $0.9164 |
| Launch price (April 2, 2024) | $0.6522 |
| All-time high (April 11, 2024) | $1.4775 |
| All-time low (June 24, 2024) | $0.5463 |
Who Owns the Most Ethena (ENA) Coins?
On June 27, 2024, one wallet held 60.14% of the supply of Ethena.
Richest ENA Wallet Addresses
As of June 27, 2024, the five wallets with the most Ethena were
- 0xd4b34207a671b813b5e66d31ea0b0a9849de9bc1. This wallet held 9,021,060,813 ENA, or 60.14% of the supply.
- 0x688ae58ebd684b3c475c81584f976593930ca67f. This wallet held 4,499,799,870 ENA, or 30.00% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 348,514,490 ENA, or 2.32% of the supply.
- 0x8707f238936c12c309bfc2b9959c35828acfc512. This wallet held 316,018,081 ENA, or 2.11% of the supply.
- 0xf2dd80ecfab0515e6a8d561ff72a13c499d119cb. This wallet also held 194,584,534 ENA, or 1.30% of the supply.
Fact Box
| Supply and Distribution | Figures |
|---|---|
| Total supply | 15,000,000,000 |
| Circulating supply (as of June 27, 2024) | 1,520,312,500 (10% of total supply) |
| Holder distribution | Top 10 holders owned 97% of total supply, as of June 27, 2024. |
From the Ethena Whitepaper
In its technical documentation, or whitepaper , Ethena says it is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated instrument – the ‘Internet Bond’.
Ethena’s synthetic dollar, USDe, provides the crypto-native, scalable solution for money achieved by delta-hedging Ethereum and Bitcoin collateral. USDe is fully-backed (subject to the discussion in the Risks section regarding events potentially resulting in loss of backing) and free to compose throughout CeFi & DeFi.
What Is Ethena?
Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new breed of stablecoin called USDe. Unlike traditional stablecoins like USDC or USDT, USDe is not pegged to fiat currencies. Instead, it is a synthetic dollar collateralized with crypto assets and short futures positions. This unique approach enables Ethena to provide a censorship-resistant, scalable, and stable form of digital money.
How ENA Works
At the core of Ethena lies the USDe token, a synthetic dollar that is fully backed, transparently on-chain, and free to use in DeFi. The stability of USDe is ensured through a mechanism known as delta hedging, which involves offsetting the price change risk of the collateral assets with corresponding short futures positions.
Is Ethena a Good Investment?
It is hard to say. The coin has been around for a short time. On the horizon, there’s no clear bullish or bearish sign.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Ethena.
Will Ethena go up or down?
No one can really tell right now. While the Ethena crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Ethena?
Before you decide whether or not to invest in Ethena, you will have to do your own research, not only on ENA, but on other, related, coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Ethena Attention Tracker
Here is a chart for the Ethena Google search volume for the past 90 days. This represents how many times the term “Ethena” has been Googled over the previous 90 days.
FAQs
Will Ethena reach $10?
According to price predictions based on technical analysis, it won’t reach a double-figure level within this decade.
What's Ethena?
Ethena (ENA) is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new breed of stablecoin called USDe. Unlike traditional stablecoins like USDC or USDT, USDe is not pegged to fiat currencies. Instead, it is a synthetic dollar collateralized with crypto assets and short futures positions. This unique approach enables Ethena to provide a censorship-resistant, scalable, and stable form of digital money.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
