ENA is the native token of Ethena (a synthetic dollar protocol based on Ethereum) and has recently risen by 13% in the past 24 hours. This surge comes as the market awaits the launch of Ethena's new stablecoin USDtb on December 16.
As demand rebounds, ENA may challenge the historical high of $1.52 again, a price level set in April.
Ethena is preparing to launch USDtb, and ENA is climbing.
Recently, ENA's value surged by 13%, making it one of the top-performing coins in the market, driven by Ethena Labs' upcoming launch of the new stablecoin USDtb.
On December 13, Ethena released a video on X showcasing the USDtb display page, hinting that December 16 could be the official release date for the stablecoin. The day before the price surge, demand for ENA also significantly increased, leading to a spike in trading volume.
In the past 24 hours, ENA's trading volume exceeded $980 million, surging by 166%. Price increases accompanied by spikes in trading volume typically indicate that investors are confident about the asset's future, and the market holds an optimistic view of its prospects. This combination of price increase and trading volume suggests that ENA's price fluctuations are supported by actual demand, making it more likely to maintain upward momentum, or even continue to rise.
The Chaikin Money Flow (CMF) indicator for ENA also shows that demand for this altcoin is very strong. As of the time of writing, the CMF value is 0.14.
The CMF indicator measures the flow of funds for an asset over a period by combining price and trading volume data—indicating whether there is accumulation or distribution. A positive CMF value means that buying pressure exceeds selling pressure, which is usually seen as a bullish signal. In the case of ENA, this indicates strong market demand, with buying momentum greater than selling pressure.
ENA Price Prediction: The token is expected to return to historical highs.
As of now, ENA's trading price is around $1.15, slightly below the key resistance level of $1.20. If buying pressure increases further and successfully breaks through this resistance level, ENA may challenge the historical high of $1.52 set on April 11.
However, if ENA traders begin to sell to lock in profits, it could put downward pressure on the price. The price may fall back to $1.01. If this support level fails to hold, ENA's price may drop further to $0.85.
