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.
Related Articles
Recent Posts
- Price Analysis
After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
The Litecoin price has shown impressive resilience after recording a sharp 17% rebound in just…
- Price Analysis
Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
Cardano price surged by 10% amid renewed interest from retail investors, signaling a potential shift…
- Price Analysis
Bitcoin Price: How Low BTC Could Fall by the End of 2025?
Crypto treasury firms holding Bitcoin, Ethereum, and XRP are recording steep unrealized losses following the…
- Price Analysis
Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
The $5M FUNToken giveaway by 5m.fun has led to the locking of millions of $FUN…
- Price Analysis
Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
Aster price surged over the past 24 hours, maintaining stability above the $1 mark. The…
- Price Analysis
Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
The Filecoin price continues its explosive recovery, climbing over 51% in the past 24 hours.…