ENA, the native token of Ethena – a decentralized stablecoin issuance protocol on the Ethereum platform – has increased by 13% over the past 24 hours. This price surge occurs as the market awaits the launch of Ethena's new stablecoin product named USDtb on December 16.
As demand for ENA increases, this altcoin is on track to reach its all-time high of $1.52, a price recorded last April.
Ethena is preparing to launch USDtb, ENA price surges
ENA price has surged 13% in the past 24 hours, becoming the strongest coin in the market. This increase comes as the market anticipates the launch of USDtb, the new stablecoin from Ethena Labs.
In a post on the X platform on December 13, the stablecoin issuer shared a video introducing the display page of USDtb. In the post, Ethena Labs hinted that December 16 is a potential launch date for this stablecoin. With less than 24 hours before the launch, ENA has recorded an increase in demand, reflected in the soaring daily trading volume alongside the price increase.
In the past 24 hours, the trading volume of ENA has exceeded $980 million, up 166%. When the asset price rises alongside the increase in trading volume, this reflects strong interest from investors and market confidence in the future performance of the asset. This combination indicates that the price increase is supported by real demand, making the upward trend likely to sustain or continue.
ENA price and trading volume | Source: Santiment
The positive Chaikin Money Flow (CMF) indicator of ENA also confirms high demand for this altcoin. At the time of writing, the value of the indicator is at 0.14.
The CMF indicator measures the accumulation or distribution of an asset over a certain period, combining data on price and trading volume. In the case of ENA, when the CMF value is positive, this is a bullish signal, indicating that buying pressure is greater than selling pressure.
ENA's CMF indicator | Source: TradingView
ENA Price Prediction: Could Create a New ATH
The daily chart shows that the price of ENA has broken above the strong resistance level at $1.12. This is the final resistance level before the price rises to the resistance zone at the ATH level of $1.52.
The daily RSI index has returned to the overbought zone and has not created any bearish divergence, signaling that the bulls have full control of the market.
Daily ENA/USDT chart | Source: TradingView
Therefore, the price of ENA may continue to rise to an all-time high of $1.52. Breaking above this level could allow ENA to enter a price discovery zone, with the nearest target being the Fibonacci extension level of 1.618 at $2.34.
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