The cryptocurrency market saw large price swings in April due to the approaching Bitcoin halving event later in the month. While most significant cryptocurrencies underwent notable corrections, coinciding with Bitcoin‘s consolidation, Ethena bucked the trend and continued its steady growth, reaching a new peak of $1.45 in this period. However, it remains to be seen how long this upward trend will persist despite the market experiencing corrections.
Is ENA Price Heading to $2?
Ethanolabs, the innovator behind the crypto initiative Ethena (ENA), is working on a new undertaking: the USDe protocol, which mimics the US dollar, on Ethereum‘s blockchain. The goal is to introduce a dependable and adaptable substitute for conventional money, all without requiring traditional banking institutions.
Examining the 4-hour chart, the price of ENA follows a clear trend between two converging lines, which form a wedge pattern. This graph configuration is often indicative of an uptrend nearing its end as the shrinking difference between these lines suggests decreasing bullish energy.
At the time this article is published, Ethena’s coin is valued at $1.4 and has a total market value of $1.997 billion. If the predicted wedge pattern continues, the ENA price may fall below its current support line at $1.3. If this downward trend breaks through with a larger market decline, Ethena’s asset could drop as low as $0.86.
On-Chain Alert Major $ENA Stake Precedes Price Surge
A significant transaction was detected by Spot On Chain: A major crypto investor withdrew 6 million ENA tokens from Binance and deposited them into the ENA staking contract. This move makes them a leading stakeholder in the ENA agreement. Notably, this action took place during a market slump when ENA experienced a 14% rise in value. It’s plausible that the recent staking of 114 million ENA tokens could have influenced this price increase.
Approximately an hour ago, a whale removed approximately $6 million worth of $ENA from Binance, which is equivalent to around $8.58 million in current value, and then staked this entire amount.
This action instantly catapults him into one of the top stakers within the $ENA contract.
Notably, this individual had previously staked 8.96M $USDe a month ago.
Despite the…
— Spot On Chain (@spotonchain) April 10, 2024
In addition, if the price of Ethereum Network Asset (ENA) surpasses its previous resistance line, this would weaken the bearish perspective and give buyers a solid foundation to propel further growth.
Technical Indicator
- 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
Relative Strength Index: The 4-hour RSI slope at 63% reflects that buyers are leading a high-momentum rally.
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2024-04-10 20:24