- Crypto exchange Bybit announces support for Ethena Labs’ stablecoin, USDe, by adding spot trading pairs for Bitcoin and Ethereum.
- This development has also been supportive for ENA, backed by Ethena Labs, as the altcoin price positively reacted to the news.
- Analysts are indicating higher levels for ENA following this development.
Bybit’s support for Ethena Labs’ stablecoin, USDe, is set to unlock the next wave of growth for the altcoin, ENA. This article delves into the details of this development and what it means for ENA’s future.
Bybit to Add USDe Spot Trading Pairs for BTC and ETH
Ethena Labs, a newcomer in the market, has been making waves with its recent developments. The latest announcement is a partnership with crypto exchange Bybit. As part of this partnership, Bybit will integrate USDe as a collateral asset for perpetual futures trading of all assets on its Universal Trading Arena (UTA). This move will provide users with the opportunity to earn returns and “unlock greater capital efficiency”. The integration also includes spot trading pairs for BTC and ETH with USDe.
USDe to Increase Use Cases with Bybit Integration
USDe will also be operational on Bybit’s Earn platform, allowing users to use USDe for Bybit launchpool farming. Ethena Labs CEO and founder, Guy Young, commented on the development, stating that the integration with Bybit is a significant step in increasing use cases for USDe. Offering USDe as collateral on Bybit, one of the most important derivative venues in all of crypto, will unlock the next wave of growth for USDe and further challenge the existing stablecoin hegemony with a product specifically designed for crypto natives.
“This Altcoin is Set for Higher Levels!”
Crypto analyst, The Flow Horse, suggests that Ethena (ENA) is gearing up for a major rally. According to the analyst, ENA is one of many new altcoins offering opportunities, but it requires patience for returns. The analyst believes that this is set to rise much higher, with a year left until the locks are opened.
“ENA Likely to Increase Upward Momentum!”
Another crypto analyst, Altcoin Sherpa, suggests that ENA is likely to increase its upward momentum after retesting the Fibonacci correction level at $0.76. The analyst states, “ENA: I’m out of this but I think it has a solid look. .618 Fibonacci + support/resistance level and the market is in good shape.”
ENA Price Prediction: Next Stop, Above $1!
Crypto analyst Ryan James also predicts a rise for ENA. The technical analysis of the ENA price chart shows a consolidation phase with the price balancing above the basic Fibonacci support levels. The Relative Strength Index (RSI), currently at the 55 level, indicates a balanced market condition without overbuying or overselling. This stability, combined with continuous holder growth, presents a case for potential price increase after a long consolidation period. Currently, ENA is positioned between the 0.737 and 0.5 fib levels, representing a strong consolidation area for ENA. If it breaks this psychological resistance area, the price is likely to test $1.12.
Conclusion
Bybit’s support for Ethena Labs’ stablecoin, USDe, has been a positive development for ENA. Analysts are predicting higher levels for ENA following this development, with some suggesting that the altcoin is set for a major rally. However, patience is key for returns, and the market condition appears balanced at the moment. If ENA can break the psychological resistance area, it could potentially test $1.12.
