CandleFocus Ethena (ENA) Price Momentum Rises Following UStb Stablecoin Launch
2024-09-29
Author: Content Editor
The native token of the dollar-denominated saving protocol, Ethena (ENA), experienced a 45% price increase in the past seven days after the launch of the UStb stablecoin. The new stablecoin, separate from the existing USDe stablecoin, is backed by BlackRock's USD Institutional Digital Liquidity Fund and Securitize's tokenized fund, making it lower risk than USDe. The addition of UStb as collateral for exchange partners and users has fueled bullish momentum for ENA, with the price inching closer to a significant hurdle at $0.4000. Technical indicators suggest a bullish bias for ENA, with indicators such as the RSI, MACD, MFI, and AO showing positive readings. If the altcoin surpasses the 100-day EMA mark, it could surge towards $0.5200.
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