ENA is the native token of Ethena (an Ethereum-based synthetic dollar protocol), which recently surged 13% over the past 24 hours. This wave of increase comes as the market awaits the launch of the new stablecoin USDtb by Ethena on December 16.

ENA, with the recovery in demand, may challenge the historical high of $1.52 again, which was previously set in April.

Ethena is preparing to launch USDtb, causing ENA to rise.

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Recently, ENA's value skyrocketed by 13%, making it one of the top-performing cryptocurrencies in the market, supported by Ethena Labs preparing to launch the new stablecoin USDtb.

On December 13, Ethena released a video on X showcasing the USDtb display page, hinting that December 16 may be the official launch date for the stablecoin. Just a day before the price increase, the demand for ENA also significantly rose, with trading volume surging.

In the past 24 hours, ENA's trading volume exceeded $980 million, soaring by 166%. The price increase accompanied by a surge in trading volume usually indicates that investors are confident about the future of this asset, 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 an upward momentum, or even continue to rise.

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The Chaikin Money Flow (CMF) indicator for ENA also shows that the 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 volume data—indicating accumulation or distribution. A positive CMF value means that buying pressure exceeds selling pressure, which is typically seen as a bullish signal. As in the case of ENA, this suggests that the market demand for it is strong, with buying momentum greater than selling pressure.

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ENA Price Prediction: The token is expected to return to historical highs.

As of now, the trading price of ENA is about $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 re-challenge the historical high of $1.52 set on April 11.

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However, if ENA traders start to sell to lock in profits, it could put downward pressure on the price. The price might retreat to $1.01. If this support level cannot hold, ENA's price may further drop to $0.85.