ENA, the native token of Ethena — an Ethereum-based synthetic dollar protocol — has experienced a 13% surge over the past 24 hours. This rally comes as the market awaits the launch of Ethena’s new stablecoin product USDtb, on December 16.
As ENA witnesses a rally in demand, the altcoin is poised to reclaim its all-time high of $1.52, which was last recorded in April.
Ethena Prepares to Launch USDtb, ENA Climbs
ENA’s value has rocketed by 13% in the past 24 hours, making it the top gainer in the market. This surge comes as the market anticipates the launch of Ethena Labs’ new stablecoin, USDtb.
In a December 13 post on X, the stablecoin issuer shared a video highlighting the USDtb display page. In the post, Ethena Labs teased December 16 as a potential launch date for the stablecoin. With less than 24 hours to go, ENA has seen an uptick in its demand, as reflected by the rising daily trading volume that has accompanied its price rally.
Over the past 24 hours, ENA’s trading volume has exceeded $980 million, skyrocketing by 166%. When an asset’s price rally is accompanied by an increase in trading volume, it indicates strong investor interest and market confidence in the asset’s future performance. This combination suggests that the price movement is backed by genuine demand for the asset, making it more likely to sustain or continue.
ENA’s positive Chaikin Money Flow (CMF) confirms the high demand for the altcoin. At press time, the indicator’s value is 0.14.
The CMF indicator measures the accumulation or distribution of an asset over a specified period, combining price and volume data. As with ENA, when the CMF value is positive, it is a bullish signal that suggests more buying pressure than selling pressure.
ENA Price Prediction: Token May Reclaim All-Time High
As of this writing, ENA trades at $1.15, just below the critical resistance formed at $1.20. If buying pressure strengthens and ENA successfully breaks above this resistance level, it will attempt to reclaim its all-time high of $1.52, last reached on April 11.
However, if ENA traders start selling to lock in profits, it could create downward pressure on the altcoin’s price. A decline to $1.01 may occur, and if this support level fails to hold, the ENA token price could potentially drop further to $0.85.
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