An Ethereum-based NFT Coin has been flying for the past 24 hours. Data from CoinGecko shows a rally of over 170% despite the drop.
This NFT Coin rallies 170% as Bitcoin and Ethereum drop
Ethenity (ERN) is up 170% on the day in anticipation of a big announcement during the upcoming Decentraland meetup at the new Ethernal Labs HQ within the metaverse. Users on the official Ethereum Discord channel were stunned by the rally as the rest of the market fell. Investors focused on the high volume and sell orders on the order books on the exchanges. Meanwhile, strong volume was pushing ERN price towards the $4.5 band.
Why is Ethenity (ERN) rising?
Ethernal Labs, the company behind Ethernity, focuses on NFT-based experiences with some of the world’s largest IPs. Collaborators include Boss Logic, Messi, Pele, Nas, Anderson Silva and many more.
The massive price hike came just hours before the opening of Ethernal Labs HQ in the Decentraland metaverse. Expectations for a big announcement are rising as a confirmed date for Ethernal Labs metaverse project The Exorians is not yet known.
The Decentraland meeting will take place on Thursday, September 29 at 06:00 CET. It’s not clear yet if there will be any big announcements. However, the price action shows an overall bullish sentiment. According to an announcement on the official Discord, Ethernity suffered the latest Wintermute hack, losing 1% of its total ERN supply. However, the impact appears to have had little impact on the overall market value of the project.
Will the rally continue?
ERN has become one of the top earners in the last 24 hours. It has pushed the boundaries in triple-digit gains in the last 24 hours. Over the past 24 hours, ERN has traded between $1.52 and $3.96, showing intense volatility. It almost touched $4.5 during the rally. But the bears are blocking such an uptrend. Despite 24-hour gains, ERN is one of the worst hit tokens in this year’s bear market. It hit an all-time high in March last year. However, it has since lost 95% of its value. ERN has also dropped 58% since a year.
ERN sits at 68 on the RSI side. It has been showing strong bullish momentum over the past 24 hours. The bullish gains are also seen on the moving average convergence divergence (MACD) line, which is currently above the signal line. What would be the logical scenario for this reason to expect a pullback in the short term.
Ethernity Chain is an NFT auction platform that auctions artworks by artists from different departments. People make money here.
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