Ethena Price: Ethena is a relatively new entrant in the DeFi space, gaining attention for its innovative approach to yield generation. Following the successful airdrop of 750 million ENA tokens and listing on major crypto exchanges, the altcoin has seen significant gains amid the current crypto market correction trend. Will this momentum continue past the $1.5 mark?
Ethena introduces a groundbreaking approach to digital finance with its Ethereum-based synthetic dollar protocol. On April 2, the protocol launched its native cryptocurrency, airdropping 750 million ENA tokens to users holding USDe synthetic dollars.
Despite the current market correction, the altcoin has witnessed massive inflows over the past two days, attributed to its listing on major cryptocurrency exchanges including Binance. According to Coinmarketcap, ENA price has increased by 122% from its all-time low of $0.527 to trade at $1.18. The Ethena coin market cap reached $1.63 billion, up 61.75% from yesterday.
Hourly chart analysis shows that ENA price is resonating with a rising wedge pattern. Theoretically, this chart pattern hints at a ripeness for a bullish rally and supports the asset for a significant correction. However, with buying momentum gaining momentum, the Ethena token recently broke above the upper trendline of the pattern, indicating the potential for further gains from buyers.
With the asset in price discovery mode, token holders can expect supply pressure at psychological levels, such as $1.25 and $1.5.
However, with the broader market showing a correction trend, Ethena coin is unlikely to continue this momentum until more positive news supports it. Therefore, ENA price may soon make occasional corrections to regain strength.
Technical indicators
Exponential Moving Average: The fast-moving 20 EMA slope can provide ENA price with appropriate support during occasional pullbacks.
Relative Strength Index: An hourly RSI slope above 75% indicates a high-momentum rally is in play.
