Price Analysis

Ethena Price Prediction: $ENA Breaks Out of 4-Week Correction to Target $1.2

Ethena Price Prediction: The ENA price breakout from the wedge pattern, coupled with active accumulation by buyers, suggests the potential for a sustained recovery.

Published by

Sahil Mahadik

Published 06 May, 2024 | 06:02:14 PM UTC

Ethena Price Prediction: $ENA Breaks Out of 4-Week Correction to Target $1.2

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?

Ethena Price Prediction| Tradingview

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.

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.

Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Published by

Sahil Mahadik

Published 06 May, 2024 | 06:02:14 PM

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