Ethena Labs’ stablecoin USDe received support from Bybit. The crypto exchange announced that it will add USDe spot trading parity for Bitcoin and Ethereum. These developments were also supportive for ENA, which is backed by Ethena Labs. The altcoin price reacted positively to the development. Analysts point higher for ENA!
Bybit, BTC And ETH to USD spot will add trading parity
cryptokoin.comAs you follow from , Ethena, which has just entered the market, is making a name for itself. In a new development, Ethena announced a new partnership with crypto exchange Bybit. In this context, Bybit will integrate USDe as a collateral asset to conduct perpetual futures trading of all assets on the exchange’s UTA. This move allows users to earn returns and “unlock greater capital efficiency.” The integration also includes USDe and BTC and ETH spot trading pairs.
USDe will also be available on the exchange’s Earn platform. Users will have the opportunity to use USDe for Bybit launchpool farming. Guy Young, CEO and founder of Ethena Labs, made the following statement on the subject:
Ethena’s integration with Bybit is an important step in increasing use cases for USDe. Offering USDe as collateral on Bybit, one of the most important derivatives venues in all of crypto, will unlock USDe’s next wave of growth and further challenge the current stablecoin hegemony with a product specifically designed for crypto natives.
“This altcoin will go much higher!”
Crypto analyst nicknamed The Flow Horse says Ethena (ENA) is preparing for a big rally. According to the analyst, ENA is one of many new altcoins that offer opportunities. However, it requires patience for returns. In this context, the analyst says:
There are a few pairs that are relatively new and are experiencing their first long-term pullbacks, similar to ENA below. Almost all new altcoins offer a very basic and reliable crossover breakout setup if you are patient enough. I think this is poised to go much higher. There is still a year left until the locks open.
“ENA is likely to increase its upward momentum!”
According to another crypto analyst named Altcoin Sherpa, ENA looks likely to extend its upside momentum after retesting the Fibonacci retracement level at $0.76. The analyst said, “ENA: I’m out of it, but I think it has a solid outlook. .618 Fibonacci + support/resistance level and the market is in good shape.” says
ENA price prediction: Next for the altcoin is to go above $1!
Crypto analyst Ryan James is also bullish for ENA. Technical analysis of the ENA price chart shows a consolidation phase with the price stabilizing above key Fibonacci support levels. The Relative Strength Index (RSI), currently at 55, indicates a balanced market situation with neither overbought nor oversold.
This stability, combined with continued conservative growth, makes a case for potential price growth after a long period of consolidation. Currently, ENA is midway between the 0.737 and 0.5 Fib levels. It also represents a strong consolidation area for ENA. If it breaks this psychological resistance area, the price is likely to test $1.12.
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