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Ethena Token Stumbles after 50% Gain

Timothy St. Johnβ€’Friday, April 12, 2024β€’2 min read

Ethena has grown from $0.6346 (ENA) to $1.5089 in about 10 days, an increase of 138%, and it might get a boost from Bitcoin halving.

The Ethena token has been enjoying a bull run.

The coin is down about 14% for Friday, though, correcting from its bull run and possibly starting off on a bear trend that will be difficult to recover from. It has not lost the majority of its gains, though, and it could recover later on in the day or through the weekend.

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Ethena last dipped three days ago, but that decline was not as sharp as what we are seeing today. This precipitous falloff could be the end of the bull run for the coin, but it is definitely too early to tell.

We simply do not know how Ethena will perform, as the coin launched only this month. It could go either way at this point, and it may benefit from the upcoming Bitcoin (BTC) halving. We expect the halving to positively affect much of the crypto market, making headlines and bringing in mainstream attention to even smaller cryptos that benefit from the boost that Bitcoin is likely to enjoy.

Ethena’s Outlook for the Weekend

Because this token has done so well in such a short time on the market, it could easily recover from the downtrend today. We expect the wider crypto market to surge this weekend in the leadup to Bitcoin’s halving.

Ethena’s trade volume is down right now, but once again that might not be a reason to bail on the coin just yet. The token’s owners just released a set of risk indicators to help investors determine when they might be at risk and when it is safer to hold on to their coins. Continuous support from the owners is helping investors feel safe and confident in ENA.

As the Bitcoin halving approaches, expect interest in fast-rising coins like Ethena to shoot up.

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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