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Cryptocurrency News Articles
ENA Cryptocurrency Price Prediction: Ethena (ENA) Market Skyrockets 44% Following UStb Stablecoin Launch
Sep 30, 2024 at 09:50 pm
Following the recent launch of the UStb stablecoin, the bullish momentum was driven by Ethena (ENA), the native token of the dollar-denominated saving protocol.
The recent launch of the UStb stablecoin has seen bullish momentum being driven by Ethena (ENA), the native token of the dollar-denominated saving protocol.
Over the last seven days, the price of ENA has surged by 43.86%.
Source: CoinMarketCap
In addition to its existing stablecoin, USDe, Ethena Labs announced the creation of a new coin on September 26.
The only asset that backs USDe is corporate bonds. However, tokenized fund by Securitize and the BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) both back UStb. It carries a lower risk compared to USDe.
This addition saw increased collateral for users and exchange partners. Following the development, the ENA crypto price kept gaining positive momentum.
It was seen inching closer to the make-or-break price level of $0.4000.
A bullish bias was noted from the daily chart analysis of the ENA crypto price.
This occurred as the altcoin managed to climb above the 50-day and 20-day moving averages. It was set to cross the 100-day moving average.
At the time of writing, the price of ENA was up by over 11% and it traded at $0.3959.
With a total market cap of $753.97 million, ENA ranked in the crypto top 100 and currently stood at the 91st position.
Bullish sentiment for the ENA crypto was seen to propel it toward a possible rally over the upcoming sessions.
A daily close above $0.4000 would confirm the trend reversal.
This unleashed more positive momentum going forward.
In a post on X, crypto analyst Lucky stated that ENA has consolidated for several months. But it is displaying reversal indicators.
The recent launch of the UStb stablecoin and its development with BlackRock is seen to instill bullish sentiment.
The current ENA crypto price setup hinted at a bullish rally.
The altcoin was also seen to rally 10x in the future.
Most technical indicators displayed bullish readings.
The Relative Strength Index (RSI) was noted at 68, in the overbought zone, indicating buying pressure.
Furthermore, a bullish crossover was noted by the Moving Average Convergence Divergence (MACD) indicator, plotting green histogram bars.
It validated the optimistic assessment.
The Money Flow Index (MFI) readings supported the bullish outcome as well.
The market was seen to have a strong inflow, considering the MFI reading of 94.
Moreover, the Awesome Oscillator (AO) turned positive in the one-day chart.
This showed the increasing strength of the buyer.
The ENA price may be one to watch out for if the bullish outlook continues.
The altcoin may be seen rising toward $0.5200 if it breaks above the 100-day moving average in the upcoming sessions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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