Market
Is $1 the Next Stop for ENA?
![](https://coin2049.io/wp-content/uploads/2024/05/bic_man_altcoins_positive.png)
Ethena (ENA) is gaining notable attention, stirring discussions among traders and analysts with its potential price trajectory aimed at flipping the $1 mark.
The cryptocurrency maintains relevance without the hype surrounding AI or meme tokens, which are currently the key trending sectors at the moment. Based on recent sentiment and market trends, ENA shows signs of a bullish breakout.
Ethena Mentions on Social Platforms on the Rise
Over the past month, key influential accounts within the crypto community have steadily mentioned ENA, indicating rising interest. Analysis reveals that 32 significant X users discussed ENA in the last 30 days, with a reinvigorated focus from 12 of them in just the past week.
![](https://beincrypto.com/wp-content/uploads/2024/05/image-33-850x457.png)
Remarkably, three unique key opinion leaders (KOLs) have again highlighted ENA in the last 12 hours, adding to the short-term bullish sentiment.
Despite this uptick in mentions and social buzz, long-term sentiment stability remains uncertain. Only 20% of the monthly mentions have occurred in the last week, suggesting that while the immediate outlook may be positive, sustained momentum could require further growth in engagement and discussion.
Ethena Bagholders Await Favorable Selling Conditions as Price Stalls
As Ethena (ENA) inches towards the significant $1 price point, recent market dynamics hint at a potential upward trajectory. Currently trading at approximately $0.90, the token has seen notable activity in its trading volume and investor sentiment.
Read More: What Is Ethena Protocol and its USDe Synthetic Dollar?
The most recent data indicates a strong holding pattern among investors, with a substantial 67.45% of ENA holders “Out of the Money,” meaning their holding price is higher than the current market price. This will likely cause a slow-down in selling at current levels and force the majority of holders to continue holding until their positions flip In the Money.”
![](https://beincrypto.com/wp-content/uploads/2024/05/ENA-GIOM-850x250.png)
Moreover, ENA’s network metrics reveal a healthy and growing ecosystem despite a slowing market. Despite fluctuations, the total number of ENA holders has maintained relatively steady growth. currently sitting above 36,000 holders for the past month.
The network’s growth, illustrated by the number of new addresses being created daily, continues to decline as the price has followed a similar pattern. However, it is worth noting holders are still holding firm, as previously illustrated.
![](https://beincrypto.com/wp-content/uploads/2024/05/ENA-metrics-850x401.png)
ENA Price Prediction: Push Above $1 Next
Technical analysis of the ENA price chart shows a consolidation phase with the price stabilizing above key Fibonacci support levels. The Relative Strength Index (RSI), currently at 55, points to a balanced market condition, neither overbought nor oversold.
This stability, combined with sustained holder growth, presents a case for potential price appreciation after an extended consolidation period. Currently, ENA sits in the middle of the 0.737 and 0.5 fib levels – representing a strong consolidation area for ENA.
A push toward $1 is likely, and should it flip this psychological resistance area, the price will likely test $1.12 next.
![](https://beincrypto.com/wp-content/uploads/2024/05/image-37-850x431.png)
Given these factors, the $1 price level is not just a psychological barrier but a feasible short-term target. As the market conditions align with increased user engagement and solid technical support levels, ENA could see its value appreciate to or beyond this threshold soon.
Read More: How To Use Ethena Finance To Stake USDe
Additionally, if market sentiment remains bearish, momentum could shift in favor of the bears, pushing the price back to the key fib support level at $0.735. Which would invalidate the bullish price target.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Reaches Local Top, Poised to Decline Further
![](https://coin2049.io/wp-content/uploads/2024/05/BIC_ADA_cardano_general.png)
During the intraday trading session on July 4, Cardano’s (ADA) Age Consumed metric rose to a 35-day high, suggesting that previously dormant tokens have begun to change hands.
This surge has since been followed by a decline in the altcoin’s price, signaling that a local top has been reached.
Cardano Long-Term Holders Are on the Move
On July 4, 1.32 billion ADA coins worth approximately $433 million at current market prices were moved, as indicated by the spike in its Age Consumed metric.
![Cardano Age Consumed. Source: Santiment](https://beincrypto.com/wp-content/uploads/2024/07/Cardano-ADA-09.51.38-05-Jul-2024-850x288.png)
An asset’s Age Consumed metric tracks the movement of its dormant coins. The metric offers insight into the behavioral shifts of an asset’s long-term holders. This cohort of coin holders rarely moves their dormant coins around. Therefore, it is noteworthy when they do because it often precedes a shift in market trends.
The Age Consumed Metric can be a marker of a price bottom. This occurs when a spike in the metric’s value is followed by an asset’s price rally.
Read More: How To Buy Cardano (ADA) and Everything You Need To Know
Conversely, it is also an indicator of a price top. This occurs when the metric spikes and the asset’s price falls. A price top refers to an asset’s highest price before a sustained decline.
At press time, ADA trades at $0.32. Its value has declined by 17% in the past 24 hours. For context, the altcoin traded at $0.39 when its Age Consumed surged. This price level represents its local top.
ADA’s daily trading volume has surged by 23% during the same period. This creates a bearish divergence between the coin’s price and trading volume, hinting at the possibility of a continued price decline.
![Cardano Trading Volume Source: Santiment](https://beincrypto.com/wp-content/uploads/2024/07/Cardano-ADA-09.54.27-05-Jul-2024-850x288.png)
In the past 24 hours, ADA’s daily trading volume has totaled $707 million.
ADA Price Prediction: The Current Downtrend is Strong
ADA has been on a downtrend since the beginning of July. At its current price, the altcoin trades at a low last seen in November 2023.
ADA’s Aroon Down Line is 100%, confirming the strength of the current downtrend. This indicator measures an asset’s trend strength and identifies potential trend reversal points. When its Down Line is close to 100%, the downtrend is strong, and the most recent low was reached relatively recently.
If the bearish bias towards the altcoin continues to gain momentum, ADA’s value may dip to $0.31.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
![](https://beincrypto.com/wp-content/uploads/2024/07/ADAUSDT_2024-07-05_09-56-11-850x433.png)
However, if buying pressure spikes, it may push the coin’s price to $0.34.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
US Job Market Sees Growth in June as Crypto Market Slumps
![](https://coin2049.io/wp-content/uploads/2024/07/bic_bitcoin_sv_bsv-_2-covers_bearish.jpg.optimal.jpg)
The US Bureau of Labor Statistics reported Friday that employers added 206,000 jobs in June. The unemployment rate rose slightly to 4.1%, above the estimated 4.0%, while average hourly earnings remained at 0.3% monthly.
Although this suggests that the US job market continues to experience healthy growth, there has been a muted response in crypto markets.
New Jobs Created Beats Analysts Estimate
According to the Bureau of Labor Statistics, the US economy added 206,000 jobs in June. While this represented a 6% decline from the 218,000 jobs added in May, it exceeded analysts’ forecasts of around 190,000 new positions.
![](https://beincrypto.com/wp-content/uploads/2024/07/US_Non_Farm_Payrolls-850x581.png)
During that month, unemployment rose slightly to 4.1%, a 2% hike from the projected 4.0%. Steadying at 4%, June’s unemployment rate suggested that the number of unemployed people as a percentage of the labor force remained stable.
Further, average hourly earnings increased by 0.3% in June, matching forecasts. This reflects steady, albeit slow, wage growth for US workers.
Crypto Markets Fail to React
While the report suggests the US job market continues to experience positive momentum, the cryptocurrency market has failed to react. Still declining as of this writing, the global cryptocurrency market capitalization has dropped by 6% in the past 24 hours.
![Global Cryptocurrency Market Capitalization.](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-14.29.50-850x268.png)
The value of the leading crypto asset, Bitcoin (BTC), has plummeted by 3% during that period. At press time, BTC trades at $55,249.
Its price movements, assessed on an hourly chart, confirm the decline in trading activity despite the positive outlook offered by the Nonfarm Payrolls report.
As of this writing, the coin’s Relative Strength Index (RSI) is 40.76, resting below the 50-neutral zone. This indicator measures the asset’s overbought and oversold market conditions. At 42.49, BTC’s RSI shows that selling pressure currently dwarfs buying activity.
If this trend continues, the coin’s price may plummet further to exchange hands at $54,553.
Read more: Bitcoin Price Prediction 2024/2025/2030
![](https://beincrypto.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-05_14-31-17-850x414.png)
However, if sentiment shifts from bearish to bullish, the coin’s price may rally to $55,427.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Drops Below $500, Extended Bearish Trend On The Horizon?
![](https://coin2049.io/wp-content/uploads/2024/07/BNB-from-Adobe-Stock.jpg)
BNB has recently fallen below the critical $500 support mark, signaling the continuation of a bearish trend. This decline reflects increased selling pressure and growing bearish sentiment within the cryptocurrency market.
As BNB slips under this significant threshold, analysts and traders are closely watching for further downward movement, potentially targeting lower support levels. The breach of the $500 mark is a key indicator of ongoing market weakness, suggesting that BNB may face continued challenges in the near term.
With the help of technical indicators to provide comprehensive insights into potential future movements, key support levels to watch, and strategies for investors and traders to navigate the ongoing downturn, this article explores the bearish sentiment surrounding BNB’s price.
At the time of writing, BNB’s price was down by over 10%, trading at about $471, with a market valuation of more than $69 billion and a trading volume of more than $2 billion. In the last 24 hours, the market capitalization of BNB has dropped by 10.88%, while trading volume has increased by 37.43%.
Technical Indicators Highlight Sustained Bearish Market Conditions
The price of BNB on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA). As of the time of writing, the price has made a huge drop below the $500 support mark which has triggered more bearishness for the crypto asset.
![BNB](https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=860&resize=860%2C500)
With the formation of the 4-hour Moving Average Convergence Divergence (MACD), the price of BNB is set to face further decline as the MACD histograms are trending below the zero line with strong momentum. Also, the MACD line and signal line have sharply dropped and are trending below the zero line with a good spread.
On the 1-day chart, it can be observed that BNB is trading below the 100-day SMA and is attempting to drop the third bearish candlestick in a row with strong momentum. This development suggests that the price is still actively bearish and may continue to decline.
![BNB](https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=860&resize=860%2C500)
Lastly, the 1-day MACD signals a potential further decline in the price of BNB since the MACD histograms are trending below the zero line with strong momentum. Both the MACD line and the MACD signal line are also observed to be trending below zero after a cross below it.
What To Watch Next For BNB
Current analysis reveals that the price of BNB could be heading toward the $357 support level. If BNB’s price reaches the $357 support level and breaks below, it may continue to drop to test the $202 support level and potentially move on to challenge other lower levels if it breaches the $202 level.
However, should the crypto asset encounter a rejection at the $357 support level, it will begin to move upward toward the $500 level once again. If it moves above this level, it may continue to climb to test the $635 resistance level and potentially move on to test other higher levels if it breaches the $635 resistance level.
Featured image from Adobe Stock, chart from Tradingview.com
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