Why the ENA Token Price Is Surging
ENA, the native token of Ethena, the synthetic dollar protocol based on Ethereum, is up 13% in the past 24 hours. The rise comes as the market awaits the launch of new Ethena products. Stablecoin Product USDtb, December 16.
With ENA witnessing a rebound in demand, the altcoin is poised to return to its all-time high of $1.52, last recorded in April.
Ethena prepares to launch USDtb, ENA climbs
ENA’s value has surged 13% in the past 24 hours, making it the market’s top gainer. This surge comes as the market is expected to launch Ethena Labs’ new stablecoinUSD tb.
on December 13 postal 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 before the price increase, ENA has seen increased demand, as evidenced by the increase in daily trading volume accompanying the price increase.
In the past 24 hours, ENA trading volume It has exceeded US$980 million, a surge of 166%. When an asset price rise is accompanied by an increase in trading volume, it indicates investors have strong interest and market confidence in the future performance of the asset. This combination indicates that the price movement is supported by real demand for the asset, making it more likely to sustain or continue.
ENA’s positive Chaikin Fund Flow (CMF) confirms the high demand for the altcoin. At the time of writing, the indicator value was 0.14.
The CMF indicator combines price and volume data to measure the accumulation or distribution of an asset over a specific period. Like ENA, when the CMF value is positive, it is a bullish signal, indicating that buying pressure is greater than selling pressure.
ENA Price Prediction: Token May Return to All-Time Highs
As of this writing, ENA is trading at $1.15just below the key resistance level formed at $1.20. If buying pressure builds and ENA manages to break above this resistance, it will attempt to recapture the all-time high of $1.52 hit on April 11.
However, if ENA traders start selling to lock in profits, it could put downward pressure on the altcoin’s price. A drop to $1.01 is possible, and if this support fails to hold, the ENA token price may fall further to $0.85.
Disclaimer
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