While today’s 8.46% uptick has pushed the Ethena price one step closer to the $1 mark, DeFi coins seem somewhat side-lined compared to foremost narrative driving gains this cycle, meme coins.
Its impressive 85.55% gain over the past month has been dwarfed by up-and-coming meme coin CatSlap, up 15x over the same period.
Ethena is certainly enjoying more attention as of late, with trading volume up 43% to $600 million today. In contrast, CatSlap, despite its impressive gains, is currently experiencing a low, presenting a potential dip buying opportunity.
Ethena Price Analysis: Is $1 Next?
Technical indicators certainly appear more bullish today as a brewing golden cross reaches its climax, laying the foundation for significant upticks in the Ethena price.
ENA / USDT 1D chart, bullish golden cross. Source: Binance.
The 50SMA’s move to overtake the 200SMA bolsters Ethena’s bullish trajectory running into 2025, although the near term certainly presents its challenges.
A recent bullish flag pattern breakout seems to be facing some resistance. While this could just be a hiccup, the asset does show signs of exhaustion, with the Relative Strength Index (RSI) nearing overbought territory at 65.
Advancing too quickly from this point could trigger a correction, potentially pulling Ethena back to resistance around $0.6730 or lower before its next leg up.
Given the pattern fully materializes, though, it sets a $0.85 price target, a 20% increase from current prices. However, as the long-term picture becomes more bullish, a $1 valuation does indeed seem realistic before the year’s end.
Catslap Rings Bullish: Could it See Bigger gains?
While Ethena certainly displays potential, ”meme coin supercycle” sentiment is driving a shift towards newer, high-potential low cap meme coins. Coins like $ACT and $PNUT have experienced sudden rises to prominence, and investors are taking notice.
Among them, Catslap ($SLAP) stands out as a credible contender to the likes of Popcat, Mogcat, and Mew.
It’s far beyond a mere meme coin; it’s an addictive gamified experience that calls its holders into competition, clicking to increase their country’s score and move up the Slapometer.
This feeds heavily into what analyst Murad Mahmudov notes a pardim shift towards “movement coins” poised to reshape the crypto landscape.
These community-centric meme coins hold exponential growth potential, forming ideologies and deep-rooted engagement. Something which may be credited to Catslap’s instant success, amassing a $18.8 million market cap so far!
While it has taken a step back from its $27 million peak, as analysts note 100x potential, now seems like a perfect dip buying opportunity.
$SLAP also presents a passive income opportunity, offering 40% APY to its staked investors. While the market wanes amidst Bitcoin’s recent volatility, CatSlap investors have been raking in consistent gains!
Join the CatSlap community on X and Telegram to stay up to date on the latest announcements.
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The post Ethena Showing Strong Bullish Signals, Up 85% In 30 Days: Can ENA and This New Meme Coin Reach $1 in 2024? appeared first on Cryptonews.
