2024

Bitcoin

April

Ethena

Spot

The <a href="https://coingape.com/trending/top-crypto-gainers-of-the-day-3/" rel="noopener noreferrer nofollow">cryptocurrency market</a> has experienced significant volatility in April attributed to the upcoming <a href="https://coingape.com/trending/top-reasons-why-ethena-price-might-hit-2-soon/" rel="noopener noreferrer nofollow">Bitcoin halving</a> later this month. In tandem with Bitcoin consolidation, the majority of major cryptocurrencies witnessed notable corrections, but not Ethena. This new entrant in the DeFi space is riding a sustainable growth recently hitting a new high of $1.45. But how will this rally continue amid market correction?
Also Read: <a href="https://coingape.com/binance-extends-support-pepe-jup-ena-wif/" rel="noopener noreferrer nofollow">Binance Extends Support For PEPE, JUP, ENA, WIF</a>
<h2 id="b-is-ena-price-heading-to-2-b">Is ENA Price Heading to $2?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/c/cmGHK4LM.png" alt="BINANCE:ENAUSDT Chart " width="1815" height="792">
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 Ethena Price| Tradingview
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<a href="https://coingape.com/ethena-ena-price-jumps-20-to-become-2-billion-asset-next-target-2/" rel="noopener noreferrer nofollow">Ethena</a> (ENA) is a crypto project developed by Ethena Labs, focusing on creating a synthetic dollar protocol, USDe, on the Ethereum blockchain. The project aims to provide a stable, scalable alternative to traditional money without relying on traditional banking systems.
An analysis of the 4-hour chart shows the rising <a href="https://coingape.com/ethena-ena-price-soars-10-here-why/" rel="noopener noreferrer nofollow">ENA price</a> strictly resonating between the two converging trendlines of the wedge pattern. This chart setup is commonly referred to as a sign of an uptrend reaching maturity as a narrowing range indicates a weakening of bullish momentum.
By the press time, the Ethena coin trades at $1.4 and holds a market cap of $1.997 Billion. If the wedge pattern holds true, the ENA price will breach the lower trendline at $1.3. A successful breakdown coupled with a broader market sell-off could plunge the asset to a low of $0.86.
Also Read: <a href="https://coingape.com/markets/3-reasons-likely-to-trigger-bitcoin-price-pre-halving-plunge-to-60000/" rel="noopener noreferrer nofollow">3 Reasons Likely To Trigger Bitcoin Price Pre-Halving Plunge To $60,000</a>
<h2 id="b-on-chain-alert-major-ena-stake-precedes-price-surge-b">On-Chain Alert Major $ENA Stake Precedes Price Surge</h2>
In a notable on-chain activity captured by Spot On Chain, a crypto whale withdrew 6 million ENA from Binance and staked them, positioning themselves as a top staker in the ENA contract. This occurred despite the market downturn, with ENA seeing a 14% increase, possibly influenced by 114 million ENA being staked recently.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A whale withdrew 6 million <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> (~ $8.58 million) from Binance and staked all of them just 1 hour ago.
 This action instantly catapults him into one of the top stakers within the <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENA</a> contract.
 Notably, this individual had previously staked 8.96M <a href="https://twitter.com/search?q=%24USDe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDe</a> a month ago.
 Despite the… <a href="https://t.co/S4mD1rxZXi" rel="noopener noreferrer nofollow">pic.twitter.com/S4mD1rxZXi</a>
 — Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1777988611193094493?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Moreover, the bearish thesis will be invalidated if the ENA price breaks the overhead trendline, providing buyers with suitable support to reach new heights.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Pivot Levels: With the ENA coin in price discovery mode, the traditional pivot level indicates the overhead supply region at $1.57, followed by $1.975</li>
 <li>Relative Strength Index: The 4-hour <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope at 63% reflects that buyers are leading a high-momentum rally.</li>
</ul>
The post <a href="https://coingape.com/markets/ethena-price-caught-in-wedge-pattern-sees-extended-correction-to-0-86/" rel="noopener noreferrer nofollow">Ethena Price Caught in Wedge Pattern Sees Extended Correction to $0.86</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethena Price Caught in Wedge Pattern Sees Extended Correction to $0.86

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