As the crypto market continues to remain under the fear of another crash, Ethena is rising against the tide. With a price surge of 6.28% over the past 24 hours, the ENA price trend is gradually gaining momentum.
The ENA token trades at a market price of $0.4302 while holding a market cap of $1.35 billion. As the 60th biggest crypto project in the market, the recent recovery hints at a potential rise of Ethena’s dominance in the market.
Ethena Price Analysis Targets Wedge Breakout Rally
In the daily chart, the ENA price trend reveals a declining trend. The bullish failure at $1.26 led to a double-top reversal that accounted for a near 70% decline. The declining trend has taken the form of a falling wedge pattern.
Currently, the ENA price makes two consecutive bullish candles after a massive 15% drop on Monday. The quick V-shaped reversal within the falling wedge now challenges the overhead trendline and hints at a potential breakdown.
Due to the increased price volatility, Ethena now fluctuates near the 61.80% Fibonacci level at $0.4106. Over the past two days, the consecutive bullish candles have accounted for a 14% recovery.
With the bullish resurgence, the MACD and signal lines have given a positive crossover. Hence, with a resurgence of bullish histograms, the momentum indicates a hint at a potential recovery.
Furthermore, the daily RSI line floating above the oversold boundary is gradually recovering. This also projects the possibility of a breakout rally.
Whale Frenzy Fuels ENA Price Rally
Amid the chances of a bullish recovery, crypto whales are actively acquiring Ethena. As per a recent post by SpotOnChain, two whales have withdrawn a total of 23.93 million ENA tokens. This is worth nearly $9.7 million.
Surprisingly, both the whales are first-time ENA accumulators and hint at a potential comeback for Ethena. The first whale has withdrawn 14.51 million ENA worth $5.88 million from Binance.
Secondly, the whale wallet 0x1ad has withdrawn 9.42 million ENA tokens worth $3.8 million. Along with Athena, the whale also acquired another DeFi token, AAVE, worth $2.15 million.
As per the Fibonacci levels, a potential wedge breakout in the daily chart will likely challenge the 23.60% Fibonacci level near $0.822. On the flip side, a bearish turnaround will likely test the 78.60% level near the $0.30 psychological support.