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Highlights
- The ENA price will extend its current correction trend until the wedge pattern is intact.
- A bullish breakout from the wedge will accelerate the bullish momentum to challenge the $1 psychological barrier.
- The intraday trading volume in Ethena is $487.2 Million, indicating a 17% gain.
Ethena Price Prediction: The Bitcoin price upswing above $65000 on Monday accelerated bullish momentum in most of the major altcoins, including Ethena. With an intraday gain of 9.2%, the ENA price gave a decisive breakout from the wedge pattern, a move often considered an end-of-correction trend. This recovery in tandem with notable accumulation from smart money highlights a higher potential for ENA price to drive sustainable recovery.
Also Read: Bitcoin Enters Key Buying Zone, BTC Price Rally To $70K?
Will ENA Price Surpass $1 Barrier in May?
Over the past three weeks, the Ethena coin price witnessed a slow yet steady fall under the influence of a falling wedge pattern. However, the technical pattern is known to weaken the bearish momentum with two converging trendlines and prepare the buyers for a bullish reversal.
Last Wednesday, the ENA price rebounded from $0.735 support and surged 16.5% to currently trade at the $0.858 mark. The recovery developed two higher lows in a 4-hour chart to project a change in market dynamic and gave a decisive breakout from the wedge pattern.
Recent on-chain data from Spot On Chain reveals notable activity surrounding the cryptocurrency ENA. In a significant move, a prominent whale— 0x5ab, withdrew a substantial amount of 6.26M ENA tokens from Binance, valued at approximately $5.31 million. This transaction marks the first time the tokens traded for around $0.848 each.
In the past hour, whale 0x5ab withdrew 6.26M $ENA ($5.31M) from #Binance at ~$0.848 for the first time.
Before ENA, the whale had only accumulated $ETH and currently stakes 2,000 $ETH (now $6.26M) with Pendle Finance at an unrealized loss of $584K (-8.5%).
The $ENA price has… pic.twitter.com/BcIvd5PAEG
— Spot On Chain (@spotonchain) May 6, 2024
Before this accumulation, the whale’s portfolio was primarily composed of Ethereum, with current holdings valued at $6.26M, alongside investments in Pendle Finance showing an unrealized loss of $584K, a decrease of 8.5%.
This accumulation and the wedge pattern breakout highlight a higher potential for the ENA price to rebound. If the breakout sustains, the buyers could drive a rally past the $1 barrier and hit a $1.216 swing high.
Also Read: Bitcoin Price Analysis: End-of-Correction Pattern Hints $BTC Rally to $73k in May
Technical Indicator
- Exponential Moving Average: A bullish crossover between the 20 and 50 EMA in a 4-hour chart should provide buyers with suitable support to rebound higher.
- Average Directional Index: The ADX slope uptick at 18% accentuates the period correctio helped the ENA price regain bullish momentum.
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