Crypto News – ENA Price Forecast: Ethena Crypto Breaks Out of 4-Week Correction
Crypto News – Most of the major cryptocurrencies, including Ethena, saw a surge in bullish momentum on Monday as the price of Bitcoin surged past $65,000. With a 1.57% intraday increase, the ENA price demonstrated a clear breakout from the wedge pattern, a move that is sometimes interpreted as an end-of-correction trend. This recovery shows that the price of ENA has a greater chance of causing a long-term, sustainable rebound when combined with the noteworthy accumulation of smart money.
Under the guidance of a falling wedge pattern, the price of Ethena coin has been steadily declining over the last three weeks. Nonetheless, the technical pattern’s two convergent trendlines are recognized to reduce the bearish momentum and prime buyers for a bullish reversal.
Whale Movements Related to ENA Token
The ENA price rose 16.5% to trade at $0.858 this week after breaking through the $0.735 support level last Wednesday. The 4-hour chart showed a clear breakout from the wedge pattern and two higher lows created by the rebound, indicating a shift in the market dynamics.
Notable activities are occurring in relation to the cryptocurrency ENA, according to recent on-chain data from Spot On Chain. A well-known whale, 0x5ab, made a big withdrawal from Binance of 6.26 million ENA tokens, which are estimated to be worth $5.31 million. The tokens were initially traded for approximately $0.848 apiece in this transaction.
FAQ
How Much Further Is Ena Expected to Rise?
By May 31, 2024, the price of Ethena is expected to have increased by 224.73% to $2.63, based on the current price estimate.
Is Ethena a Good Investment Option?
It’s hard to say whether Ethena is a good investment option. The coin has just been launched, so there is no upside or downside on the horizon. Apart from that, the crypto sector is very volatile, so it’s not really fair to make any investment recommendations.
What Has Been the Highest ENA Price Ever?
ENA hit an all-time high of $1.52 on April 11.
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