What’s Ahead for Ethena Price Rally After $1 Breakout?
Highlights
- The Ethena price breakout from the rising wedge pattern hints the buyers are likely to prolong the recovery trend.
- The anticipated upswing may offer occasional pullback to maintain a sustained momentum.
- The intraday trading volume in Ethena is $2.4. Billion, indicating an 83.5% gain.
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.
- Insider Whale Opens $255M Bitcoin Longs as Trump Confirms Oct 31 Meeting With China
- Data Shows Bitcoin Short Squeeze Likely With Speculation of “Bullish” US CPI
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
