Will ENA break the $1 mark in May?
Ethena Price Prediction: Bitcoin price surged above $65,000 on Monday, accelerating bullish momentum for most major altcoins, including Ethena.
ENA price surged 9.2% intraday, decisively breaking out of a wedge pattern, a move that is often considered the end of a corrective trend. This recovery, coupled with significant accumulation by smart money, highlights the greater potential for ENA price to drive a sustainable recovery.
Ethena coin price has been slowly and steadily declining over the past three weeks under the influence of a descending wedge pattern. However, the technical pattern is known to weaken the bearish momentum where two trendlines converge and prepare buyers for a bullish reversal.
Last Wednesday, ENA price rebounded from the $0.735 support level, surging 16.5% and is currently trading at the $0.858 mark. The recovery formed two higher lows on the 4-hour chart, signaling a change in market dynamics and decisively breaking out of a wedge pattern.
The latest on-chain data from Spot On Chain reveals notable activity around the cryptocurrency ENA. In a major move, the famous whale 0x5ab withdrew a massive 6.26 million ENA tokens worth about $5.31 million from Binance. The transaction marked the first time the token was traded at around $0.848 each.
Prior to this accumulation, the whale’s portfolio consisted mostly of Ethereum, with current holdings valued at $6.26 million, while investments in Pendle Finance show unrealized losses of $584,000, a drop of 8.5%.
This accumulation and a breakout from the wedge pattern highlight a greater potential for a price rebound in ENA. If the breakout sustains, buyers could drive the rally past the $1 mark and touch a swing high of $1.216.
Technical Indicators Exponential Moving Averages: A bullish crossover between the 20 and 50 EMA on the 4-hour chart should provide buyers with the right support to bounce higher. Average Directional Index: ADX slope increased by 18%, reinforcing the cycle correction and helping ENA price regain bullish momentum.
