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.
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!
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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.