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Ethena Price Prediction: The <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price</a> upswing above $65000 on Monday accelerated bullish momentum in most of the major altcoins, including Ethena. With an intraday gain of 9.2%, the ENA price gave a decisive breakout from the wedge pattern, a move often considered an end-of-correction trend. This recovery in tandem with notable accumulation from smart money highlights a higher potential for ENA price to drive sustainable recovery.
Also Read: <a href="https://coingape.com/bitcoin-enters-key-buying-zone-btc-price-rally-to-70k/" rel="noopener noreferrer nofollow">Bitcoin Enters Key Buying Zone, BTC Price Rally To $70K?</a>
<h2 id="b-will-ena-price-surpass-1-barrier-in-may-b">Will ENA Price Surpass $1 Barrier in May?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/j/jnimtgkh.png" alt="BINANCE:ENAUSDT Chart " width="1946" height="893">
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 Ethena Price Prediction| Tradingview
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Over the past three weeks, the <a href="https://coingape.com/markets/ethena-price-in-wedge-pattern-recovery-1/" rel="noopener noreferrer nofollow">Ethena</a> coin price witnessed a slow yet steady fall under the influence of a falling wedge pattern. However, the technical pattern is known to weaken the bearish momentum with two converging trendlines and prepare the buyers for a bullish reversal.
<blockquote>
 Last Wednesday, the ENA price rebounded from $0.735 support and surged 16.5% to currently trade at the $0.858 mark. The recovery developed two higher lows in a 4-hour chart to project a change in market dynamic and gave a decisive breakout from the wedge pattern.
</blockquote>
Recent on-chain data from Spot On Chain reveals notable activity surrounding the cryptocurrency ENA. In a significant move, a prominent whale— 0x5ab, withdrew a substantial amount of 6.26M ENA tokens from Binance, valued at approximately $5.31 million. This transaction marks the first time the tokens traded for around $0.848 each.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 In the past hour, whale 0x5ab withdrew 6.26M <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> ($5.31M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> at ~$0.848 for the first time.
 Before ENA, the whale had only accumulated <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> and currently stakes 2,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> (now $6.26M) with Pendle Finance at an unrealized loss of $584K (-8.5%).
 The <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> price has… <a href="https://t.co/BcIvd5PAEG" rel="noopener noreferrer nofollow">pic.twitter.com/BcIvd5PAEG</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1787334171754455518?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Before this accumulation, the whale’s portfolio was primarily composed of Ethereum, with current holdings valued at $6.26M, alongside investments in Pendle Finance showing an unrealized loss of $584K, a decrease of 8.5%.
This accumulation and the wedge pattern breakout highlight a higher potential for the ENA price to rebound. If the breakout sustains, the buyers could drive a rally past the $1 barrier and hit a $1.216 swing high.
Also Read: <a href="https://coingape.com/markets/bitcoin-price-analysis-end-of-correction-pattern-btc-rally-73k-may/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: End-of-Correction Pattern Hints $BTC Rally to $73k in May </a>
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Exponential Moving Average: A bullish crossover between the 20 and 50 <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> in a 4-hour chart should provide buyers with suitable support to rebound higher.</li>
 <li>Average Directional Index: The ADX slope uptick at 18% accentuates the period correctio helped the ENA price regain bullish momentum.</li>
</ul>
The post <a href="https://coingape.com/markets/ethena-price-prediction-ena-breaks-out-of-4-week-correction-to-1-2/" rel="noopener noreferrer nofollow">Ethena Price Prediction: $ENA Breaks Out of 4-Week Correction to Target $1.2</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethena Price Prediction: $ENA Breaks Out of 4-Week Correction to Target $1.2

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