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
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
— Ethena Labs (@ethena_labs) September 26, 2024
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
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
— Ethena Labs (@ethena_labs) September 26, 2024
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.
