ENA, the native token of Ethena — a synthetic USD protocol based on Ethereum — has seen 13% growth over the past 24 hours. This surge comes as the market awaits the launch of Ethena’s new stablecoin product USDtb on December 16.
As ENA sees a surge in demand, the altcoin is preparing to reclaim its peak of $1.52, a level last seen in April.
Ethena Prepares to Launch USDtb, ENA Soars
ENA’s value has skyrocketed 13% in the past 24 hours, making it the biggest winner in the market. This growth spurt comes as the market awaits the launch of the new stablecoin USDtb from Ethena Labs.
In a December 13 post on X, the stablecoin issuer shared a video highlighting USDtb’s display page. In this post, Ethena Labs hinted at December 16 as the likely launch date for the stablecoin. With less than 24 hours remaining, ENA has seen an increase in demand, which is reflected in increased daily trading volume along with price increases.
In the past 24 hours, ENA’s trading volume exceeded 980 million USD, a jump of 166%. When an asset increases in price along with an increase in trading volume, this indicates strong investor interest and market confidence in the asset’s future performance. This combination suggests that price movements are supported by real demand, increasing the likelihood of sustained or continued price momentum.
ENA’s positive Chaikin Money Flow (CMF) levels confirm high demand for the altcoin. At the time of writing, the value of the index is 0.14.
The CMF index measures the accumulation or distribution of an asset over a given period of time, combining price and volume data. As with ENA, when the CMF value is positive, it is a bullish sign, indicating more buying pressure than selling pressure.
ENA Price Prediction: Token Could Recover to Peak
At the time of this writing, ENA trades at $1.15, just below the key resistance formed at $1.20. If buying pressure strengthens and ENA succeeds in overcoming this resistance, it will attempt to reclaim its historical peak of $1.52, last reached on April 11.
However, if ENA traders start selling to take profits, this could create downward pressure on the altcoin’s price. A decline to $1.01 USD is possible, and if this support fails to hold, the price of ENA Token could continue to fall towards $0.85 USD.