As a crypto investor with some experience under my belt, I’ve seen my fair share of market volatility and trend reversals. The current downtrend in Bitcoin and the altcoin market as a whole, including Ethena (ENA), is no exception. However, I believe there are signs that the tide might be turning for ENA.
Amid Bitcoin‘s volatile market conditions following its halving, the altcoin sector has exhibited a stabilizing trend with a subtle bearish undertone. The token ENA, linked to the decentralized finance (DeFi) platform Ethena, mirrors this downward trend by conforming to two descending trendlines of falling wedge formations. Nevertheless, this pattern is recognized for signaling the maturity of a downtrend and suggesting a possible price reversal for ENA.
Is Ethena Price Ready to Hit $1?
Introduced on April 2nd with an opening price of $0.64, the ENA token gained significant traction among cryptocurrency enthusiasts. Consequently, its value surged by an impressive 136% within a short span, peaking at $1.523 on April 11th, signifying its record-breaking high.
The price of the coin experienced a significant decrease from its previously mentioned peak to $0.8 over a three-week period, resulting in a 48% loss. An examination of the daily chart reveals the emergence of a falling wedge pattern, which has thwarted a substantial correction and kept the asset afloat above the support level at $0.775.
As a crypto investor, I’ve been closely monitoring the Ethana coin price. If the current trend continues, the coin’s price has recently broken through its previous upward trendline. This could be an early indication that the uptrend may be coming to an end and potentially reversing direction.
Additionally, the globally influential Coinbase International Exchange has declared its intention to introduce support for several new perpetual futures contracts starting from May 2, 2024. Among these newly-added contracts is Ethena (ENA), which will become available after 9:30 AM UTC on that date. This development signifies a substantial enhancement in the array of trading opportunities offered by Coinbase for Ethena and other tokens such as AEVO and Etherfi.
As a crypto investor, I’m excited to share that starting from 2 May 2024, 9:30am UTC onwards, Coinbase International Exchange and Coinbase Advanced will introduce support for perpetual futures in Aevo, Ethana, and Etherfi. This means you’ll soon be able to trade these cryptocurrencies with leverage directly through our platforms. Stay tuned for the official market opening!
— Coinbase International Exchange (@CoinbaseIntExch) April 25, 2024
As a researcher studying Ethena (ENA), I would note that the introduction of perpetual futures contracts could significantly enhance investor confidence in our project. These financial instruments offer a way for investors to mitigate price risks associated with ENA through hedging, or even gain exposure to the token without directly owning it. By providing a flexible and efficient means to manage market uncertainties, we aim to attract a broader range of investors and further strengthen Ethena’s position in the digital asset ecosystem.
A favorable turn of events could strengthen the wedge pattern breakout, potentially leading investors to pursue targets at $1.2 and $1.52.
Technical Indicator
- Exponential Moving Average: A negative crossover state between the 5, 13, and 26 EMA of daily indicates the correction trend is still in action.
- Relative Strength Index: A notable bullish divergence in the 4-hour chart RSI indicates increasing buying activity among market participants.
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2024-04-30 21:03