Ethena Price Prediction as ENA Closes In On $1 – Is It Time To Buy?

cryptonews.com:

The Ethena price has rallied by 13% today, reaching $0.9165 as the cryptocurrency market rises by 1% in the past 24 hours.

ENA – which is the governance token of the Ethena synthetic dollar protocol – is now up by 16.5% in a week, but down by roughly the same percentage in a month.

However, it’s also up by just over 70% since listing at the beginning of April, with several players in the market – including Delphi Ventures – prredicting that Ethena could become one of the biggest presences in the DeFi sector.

This puts ENA on track to reach $1 in the next few weeks, with later months potentially seeing it rise even higher.

ENA’s indicators are in very bullish positions at the moment, and while they are close to overbought territory, there still seems to be some space for further gains in the near term.

Its relative strength index (purple) rose to 80 earlier this morning, and while this could be a dangerous level, it has begun rising again after dipping just below 70 in the past couple of hours.

Also bullish is ENA’s 30-day average (orange), which has today crossed over the 200-day (blue), signalling that the coin is in the middle of a breakout phase.

The coin’s 24-hour trading volume has also risen slightly today at $400 million, although this is still some way off the levels – of around $3 billion – witnessed in early April, when it listed.

What’s particularly encouraging right now is that whales appear to still be accumulating ENA, implying that it likely has more gains in store in the coming days and weeks.

In the past hour, whale 0x5ab withdrew 6.26M $ENA ($5.31M) from #Binance at ~$0.848 for the first time.

Before ENA, the whale had only accumulated $ETH and currently stakes 2,000 $ETH (now $6.26M) with Pendle Finance at an