2024

April

Ethena

Amid the post-halving volatility in Bitcoin, the altcoin market has showcased a consolidating trend with a slight bearish tone. ENA, the token of decentralized finance (DeFi) protocol <a href="https://coingape.com/education/what-is-ethena-finance/" rel="noopener noreferrer nofollow">Ethena</a>, is reflecting this downswing by resonating within two downsloping trendlines of falling wedge patterns. However, this pattern is known for indicating the maturity of a downtrend indicating a potential reversal in ENA price.
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-30-4-btc-slips-61k-doge-ada-6/" rel="noopener noreferrer nofollow">Crypto Price Prediction 30/4: BTC Slips to $61K, DOGE and ADA Down 6%</a>
<h2 id="b-is-ethena-price-ready-to-hit-1-b">Is Ethena Price Ready to Hit $1?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/d/dtsrhl6L.png" alt="BINANCE:ENAUSDT Chart " width="1946" height="893">
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 Ethena Price| Tradingview
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The ENA token, introduced on April 2nd at an initial price of $0.64, quickly captured the interest of the cryptocurrency community. This led to a remarkable increase in its value by 136%, reaching a peak of $1.523 by April 11th, marking its all-time high.
However, the coin price witnessed a notable downswing from the aforementioned high to $0.8 within three weeks to register a 48% loss. An analysis of the daily chart shows the formation of a falling wedge pattern has prevented a major correction and maintained the asset sustainability above $0.775.
If the pattern holds true, the Ethena coin price showed a breach of the overhead trendline signaling an early sign of trend reversal.&nbsp;
Moreover, the Coinbase International Exchange, a significant player in the global cryptocurrency market, has announced supporting several new perpetual futures, including Ethena (ENA-PERP). This move is scheduled to commence on or after 9:30 AM UTC on May 2, 2024, marking a significant expansion in the trading options available for Ethena alongside other tokens like AEVO and Etherfi.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/CoinbaseIntExch?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CoinbaseIntExch</a> will add support for Aevo, Ethena, and Etherfi perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our AEVO-PERP, ENA-PERP, and ETHFI-PERP markets will begin on or after 9:30am UTC on 2 MAY 2024. <a href="https://t.co/41tyomtH0I" rel="noopener noreferrer nofollow">pic.twitter.com/41tyomtH0I</a>
 — Coinbase International Exchange <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6e1.png" alt="🛡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CoinbaseIntExch) <a href="https://twitter.com/CoinbaseIntExch/status/1783526225853534342?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This listing could boost investor confidence in Ethena, as perpetual futures provide a means to hedge against price volatility or gain exposure to ENA without owning the token directly.
The positive development will bolster the wedge pattern breakout to chase potential targets of $1.2 and $1.52.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Exponential Moving Average: A negative crossover state between the 5, 13, and 26 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> of daily indicates the correction trend is still in action.</li>
 <li>Relative Strength Index: A notable bullish divergence in the 4-hour chart RSI indicates increasing buying activity among market participants.</li>
</ul>
The post <a href="https://coingape.com/markets/ethena-price-in-wedge-pattern-recovery-1/" rel="noopener noreferrer nofollow">Ethena Price Caught in Wedge Pattern Sets Renewed Recovery Beyond $1</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethena Price Caught in Wedge Pattern Sets Renewed Recovery Beyond $1

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