Whale Activity Spurs Ethena Coin Recovery: ENA Price Eyes $1.5 Target

The Bitcoin price falling for the past four days has blunted the earlier week’s recovery in the crypto market. A majority of major altcoins including Ethena coin traded mainly sideways this week. The daily candle with short bodies and long wicks indicates no clear dominance in this altcoin. Will renewed recovery in Ethereum push the ENA price to $1?

Also Read: $4.1 Trillion State Street Advisor Eyes ETFs In 401(k), Big Boost For BTC?

Breakout from Falling Wedge Pattern Indicates Potential Growth

Over the past seven weeks, the Ethena coin witnessed a steady downtrend under the influence of a falling wedge pattern. The two converging trendlines acted as dynamic support and resistance to plunge the ENA price to a low of $0.65.

However, the Ethereum coin recently bolstered the recovery phase in the altcoin market amid the approval of Spot ETH ETF. This buying pressure assisted ENA price with a decisive breakout from the wedge pattern, signaling an end of correction. 

According to recent data from on-chain analytics platform Spot On Chain, three fresh multisignature wallets have withdrawn a total of 43.19 million ENA tokens, valued at approximately $35.68 million, from the Gate.io and Bybit exchanges over the past week.

Three fresh multisigns have withdrawn 43.19M $ENA ($35.68M) from #Gateio and #Bybit in the past week!

With the price surging 28% (7D), these wallets are making $2.05M in unrealized profits.

Are whales bullish on $ENA, a $ETH beta token, thanks to recent Ethereum ETF approval… pic.twitter.com/Xbwrh9agVA

— Spot On Chain (@spotonchain) May 24, 2024

This significant withdrawal comes amid a notable 28% price surge in ENA over the last seven days, resulting in these wallets holding unrealized profits of $2.05 million. The increased activity and accumulation by large holders suggest a growing confidence in ENA’s potential.

However, with the Bitcoin price in correction, the ENA price turned sideways to currency trade at $0.851. If the pattern holds true, the altcoin will rally to $1.18, followed by $1.5.

Technical Indicator 

• Exponential Moving Average: The ENA price jump above the 20-day EMA indicates the near-term trend is turning bullish.
• Average Directional Index: The ADX slope rising at 12% hints the recovery buyers hold sufficient momentum for a higher rally