thecoinrepublic.com
Ethena ($ENA), the native token of the dollar-denominated saving protocol, drove the bullish momentum after the recent launch of UStb stablecoin. The $ENA price has increased by 45% in the past seven days.
On September 26, Ethena Labs announced a new stablecoin called UStb, separate from its existing $USDe stablecoin.
$USDe is backed only by corporate bonds. Whereas, both BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) and Securitize’s tokenized fund, support UStb. It presents a lower risk than $USDe.
We are excited to announce Ethena's newest product offering: UStb
— Ethena Labs (@ethena_labs) September 26, 2024
UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside $USDe
Details below on why this is important: pic.twitter.com/jOIoMef7W3
This addition offers exchange partners and users an extra form of collateral. After this development, $ENA crypto continued to spark bullish momentum. It was inching closer to the make-or-break hurdle of $0.4000.
Last week, it displayed a falling wedge pattern breakout and recorded a double-digit surge. This led to sellers being trapped. The bull army is currently likely to cross the 100-day EMA barrier and is looking to flip the trend.
$ENA Price Prediction: Bull Rally Imminent?
The daily chart analysis of $ENA crypto indicates a bullish bias. This happened as the altcoin has climbed above the 20-day and 50-day EMA. It is heading to overtake the 100-day EMA level.
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$ENA Price by TheCoinRepublic on TradingView.com
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At press time, the $ENA price was trading at $0.3601 with an intraday rise of over 0.89%. It boasts a market cap of $513.80 Million and is positioned as the 100th largest crypto.
$ENA crypto has generated enough bullish sentiment that could propel it toward a potential rally in the coming sessions. A daily close above the $0.4000 level would confirm the trend reversal. This unlocked further bullish momentum ahead.
Crypto Analyst Lucky shared a post on X, saying that $ENA has stayed calm for months. However, it is replicating signs of reversal. The recent UStb stablecoin launch and development with BlackRock sparks bullish sentiment.
The ongoing price setup of $ENA crypto signified that a bullish rally is looming. Also, the altcoin could shoot up 10x ahead.
We are excited to announce Ethena's newest product offering: UStb
— Ethena Labs (@ethena_labs) September 26, 2024
UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside $USDe
Details below on why this is important: pic.twitter.com/jOIoMef7W3
There will be massive outperformance in the following sessions, and investors need to keep an eye on it.
What Do Technical Indicators Say About $ENA Crypto?
Most technical indicators resembled bullish readings. The Relative Strength Index (RSI) spiked to the overbought zone, 68 at press time, conveying the heightened buying pressure.
Technical Indicators Data | Source: Coinalyze
Moreover, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram bars and depicted a bullish crossover. It confirmed the positive outlook.
The Money Flow Index (MFI) readings favored the bullish outcome alongside the price surge. The MFI reading of 94 signaled that a strong inflow was happening in the market.
Furthermore, the Awesome Oscillator (AO) flipped positive on the one-day chart. This showed that buyers were gaining strength. If the bullish sentiment persists, the $ENA price might be one to watch out for. If the altcoin surpasses the 100-day EMA mark, it could surge toward $0.5200 in the coming sessions.