Ethena (ENA) Price Momentum Rises Following UStb Stablecoin Launch

Ethena (ENA), the native token of the dollar-denominated saving protocol, drove the bullish momentum after the recent launch of UStb stablecoin. The ENA pricehas increased by 45% in the past seven days.

On September 26, Ethena Labs announced a new stablecoin called UStb, separate from its existing USDe stablecoin.

USDe is backed only by corporate bonds. Whereas, both BlackRock‘s USD Institutional Digital Liquidity Fund (BUIDL) and Securitize’s tokenized fund, support UStb. It presents a lower risk than USDe.

We are excited to announce Ethena's newest product offering: UStb

UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside USDe

Details below on why this is important: pic.twitter.com/jOIoMef7W3

UStb will be fully backed by @Blackrock BUIDL in partnership with @Securitize, enabling a separate fiat stablecoin product alongside USDe

Details below on why this is important: pic.twitter.com/jOIoMef7W3

— Ethena Labs (@ethena_labs) September 26, 2024

There will be massive outperformance in the following sessions, and investors need to keep an eye on it.

What Do Technical Indicators Say About ENA Crypto？

Most technical indicators resembled bullish readings. The Relative Strength Index (RSI) spiked to the overbought zone, 68 at press time, conveying the heightened buying pressure.

Technical Indicators Data | Source: Coinalyze

Moreover, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram bars and depicted a bullish crossover. It confirmed the positive outlook.

The Money Flow Index (MFI) readings favored the bullish outcome alongside the price surge. The MFI reading of 94 signaled that a strong inflow was happening in the market.

Furthermore, the Awesome Oscillator (AO) flipped positive on the one-day chart. This showed that buyers were gaining strength. If the bullish sentiment persists, the ENA pricemight be one to watch out for. If the altcoin surpasses the 100-day EMA mark, it could surge toward $0.5200 in the coming sessions.