Ethena (ENA) leads market ahead of USDtb stablecoin launch
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.
ENA’s positive Chaikin Money Flow (CMF) confirms the high demand for the altcoin. At press time, the indicator’s value is 0.14.
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.
