What’s Ahead for Ethena Price Rally After $1 Breakout?

Ethena Price: Ethena, a relatively new entrant in the DeFi space, is garnering attention for its innovative approach to yield generation. Following a successful airdrop of 750 million ENA tokens and listing on a major crypto exchange, altcoin has witnessed remarkable gains amid the current correction trend in the crypto market. Will the momentum persist to surpass the $1.5 barrier?

Also Read: Ethena (ENA): Market Maker Amber Group Withdraws 5 Mln ENA From Binance

Is ENA Price Rally Sustainable?

Ethena introduces a pioneering approach to digital finance through its Ethereum-based synthetic dollar protocol. On April 2nd, the protocol launched its native cryptocurrency with an airdrop of 750 Million ENA tokens distributed to users who hold the USDe-synthetic dollar.

Defying the current market correction, this altcoin has witnessed a massive inflow in the past two days, attributed to its listing on major crypto exchanges including Binance. From it’s all-time low of $0.527, the ENA price is up 122% to trade at $1.18 as per Coinmarketcap. The market cap of Ethena coin stands at $1.63 Billion registering a 61.75% surge since yesterday.

An analysis of the hourly chart shows that the ENA price resonated in a rising wedge pattern. In theory, this chart pattern hints at the maturity of a bullish rally and bolsters the asset for a notable correction. However, with high momentum buying, the Ethena coin has recently breached the pattern’s overhead trendline signaling the buyer’s potential for higher rally.

As the asset is in price discovery mode, the coin holder can expect supply pressure at psychological levels like $1.25, and $1.5.

However, as the broader market shows a correction trend, the Ethena coin is unlikely to continue this momentum until it supports more positive news. Thus, the ENA price may soon witness an occasional pullback to recuperate its strength.

Also Read: Binance Lists Ethena (ENA) Across Products, Here’s How to Claim Token

Technical Indicator 

• Exponential Moving Average: The fast-moving 20 EMA slope can offer suitable support to ENA price during occasional pullbacks.
• Relative Strength Index: The hourly RSI slope above 75% indicates a high momentum rally in action.