Cryptocurrency prices were on edge as investors focused on Mt. Gox’s liquidations that could see over $8 billion worth of Bitcoin flood the market. Bitstamp, a leading exchange will start distributing these coins on Thursday while Kraken has finished its distributions.
Bitcoin remained below $65,000 while most big cryptocurrencies were little changed. This article looks at some cryptocurrencies like Poodlana, Ethena (ENA), and Jasmy.
Ethena price forecast
Ethena’s ENA token rose on Wednesday and then erased some of those gains. This price action happened after the developers launched a reward-bearing proposal where entities will pitch for an allocation from its liquid cash backing. Securitize, a leading company that distributes BUIDL, was one of the applicants.
The applicants must be dollar-denominated and will be able to benefit from Ethena’s $45 million reserve fund and USDe’s cash backing of over $250 million.
Still, there are risks that the ENA token could continue the downward trend in the next few weeks. It has dropped below the 25-day moving average and has formed a broadening wedge chart pattern, a popular reversal sign.
Therefore, Ethena could have more downside if the token drops below the lower side of the broadening wedge pattern. If this happens, it will drop to the key support at $0.3433, its lowest point on July 5th.
Jasmy price forecast
Jasmy price chart
The Jasmy token has pulled back in the past few days as investors focus on Mt. Gox’s Bitcoin liquidations. In most cases, this coin has a close correlation with Bitcoin since it is popularly known as Japan’s BTC. For example, it dropped to a low of $0.020 this month as Bitcoin retreated to $53,500 and then bounced back as BTC rose.
On the daily chart, the Jasmy token is consolidating at the 50-day moving average and slightly below the 38.2% Fibonacci Retracement point. The token remains below the Ichimoku cloud while the Relative Strength Index (RSI) has moved below the neutral point. Jasmy has also fallen below the first support of the Andrew’s pitchfork tool.
Therefore, the JASMY token will likely continue falling as sellers target the key support level at $0.025, the lower side of the pitchfork tool.
Poodlana token sale continues
Poodlana, unlike Jasmy and Ethena, is not yet a publicly available token. Instead, it is an upcoming Solana meme coin that aims to become a bigger and better version of popular tokens like Dogecoin and Shiba Inu.
It is named after Poodle, a popular Japanese dog that is known for its stylish nature. According to its white paper, Poodlana will have a supply cap of 1 billion POODL tokens, with 50% of them being offered in the current presale. The rest of the tokens will go towards marketing, partnerships, rewards, treasury, and liquidity.
Poodlana will also be different from other token sales because of how it works. It will happen for just one month and then it will start trading 30 minutes after the token sale ends. After the listing, the developers will embark on a major marketing campaign to make it the most popular meme coin in the industry.
Poodlana has become one of the most popular tokens in the industry. It has raised $2.59 million in less than three weeks and the number will continue growing. You can buy the POODL token here.
Poodlana’s launch will happen at a time when meme coins are thriving. Dogwifhat (WIF) has come from nothing into an asset worth over $2.5 billion while Pepe has over $5.1 billion. Other tokens like Floki, Brett, and Popcat have also soared and created millionaires along the way.
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