30 Sep 2024 Josphat Kariuki
Ethena (ENA) Joins The Crypto Top 100 As Its UStb Stablecoin Launches
Following the recent launch of the UStb stablecoin, the bullish momentum was driven by Ethena (ENA), the native token of the dollar-denominated saving protocol. Over the previous seven days, the price of ENA has risen by 43.86%.
Source: CoinMarketCap
Separate from its current stablecoin, USDe, Ethena Labs announced the creation of a new coin, UStb, on September 26.
The only asset backing USDe is corporate bonds. Conversely, Securitize's tokenized fund and BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) both back UStb. Compared to USDe, it has a lower risk.
Thanks to this addition, users and exchange partners now have access to additional collateral. Following this breakthrough, ENA cryptocurrency kept gaining positive momentum. It was creeping toward the $0.4000 make-or-break threshold.
A bullish bias is evident in the daily chart analysis of ENA cryptocurrency. This occurred as the altcoin rose above the 50-day and 20-day moving averages. It is going to cross the 100-day moving average.
The price of ENA was up more than 11% intraday at $0.3959 at the time of publication. With a total market capitalization of $753.97 million, ENA made it into the crypto top 100 and it is currently in the 91st place.
Enough people are feeling optimistic about ENA cryptocurrency to push it in the direction of a possible rally in the upcoming sessions. Confirmation of the trend reversal would come from a daily close above $0.4000. This released more positive momentum going forward.
In a post on X, Crypto Analyst Lucky stated that ENA has maintained its composure for several months. But it is mirroring reversal indicators. Bullish sentiment is sparked by the recent launch of the UStb stablecoin and its development with BlackRock.
The current ENA cryptocurrency price setup indicated that a bullish rally is about to occur. The altcoin may also increase tenfold in the future.
Most technical indicators showed readings that were bullish. At the time of writing, the Relative Strength Index (RSI) reached 68, the overbought zone, indicating increased buying pressure.
Additionally, a bullish crossover was shown by the Moving Average Convergence Divergence (MACD) indicator, which plotted green histogram bars. It validated the optimistic assessment.
Alongside the price surge, the Money Flow Index (MFI) readings supported the bullish outcome. The market was experiencing a significant inflow, as indicated by the MFI reading of 94.
Moreover, on the one-day chart, the Awesome Oscillator (AO) flipped positive. This demonstrated the growing power of the buyer. The ENA price may be one to keep an eye on if the optimistic outlook holds. In the upcoming sessions, the altcoin may rise toward $0.5200 if it breaks above the 100-day moving average.
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