ENA Price Prediction: Bull Rally Imminent?

Ethena (ENA), the native token of the dollar-denominated saving protocol, drove the bullish momentum after the recent launch of UStb stablecoin.

Ethena (ENA) price has increased by 45% in the past seven days. This bullish momentum is being driven by the recent launch of UStb stablecoin, which is backed by BlackRock and Securitize.

After adding UStb to its lineup, Ethena Labs announced plans to introduce a stablecoin pegged to the Japanese yen. This move is designed to cater to Japanese investors and institutions seeking exposure to dollar-denominated assets.

The addition of UStb offers exchange partners and users another form of collateral. This development has sparked bullish momentum for ENA crypto, which is now inching closer to the make-or-break hurdle of $0.4000. Last week, ENA price displayed a falling wedge pattern breakout and recorded a double-digit surge, which led to sellers being trapped in the process.

Now, the bull army is likely to cross the 100-day EMA barrier and looking to flip the trend. A daily close above the $0.4000 level would confirm the trend reversal and unlock further bullish momentum ahead.

Meanwhile, ENA crypto has generated enough bullish sentiment that could propel it toward a potential rally in the coming sessions. As reported by TheCoinRepublic, crypto analyst Lucky shared a post on X, stating that ENA has stayed calm for months, but it is replicating signs of reversal.

The recent UStb stablecoin launch and development with BlackRock sparks bullish sentiment. The ongoing price setup of ENA crypto signified a bullish rally, and the altcoin could shoot up 10x ahead. We can expect to see massive outperformance in the following sessions, and investors need to keep an eye on it.

On the other hand, ENA price technical analysis showcases a bullish bias. As the altcoin has climbed above the 20-day and 50-day EMA, it is heading to overtake the 100-day EMA level. At press time, the ENA price was trading at $0.3601 with an intraday rise of over 0.89%. It boasts a market cap of $513.80 Million and is positioned as the 100th largest 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.

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 price might 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.

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