Bybit Partnership Boosts Ethena (ENA) Price Target Amid High Trader Activity

Amid its recent partnership announcement with Bybit, the Ethena (ENA) price surged all the way to $1.0 earlier today. As of press time, ENA is trading 4% up at $0.902 with a market cap of $1.37 billion and daily trading volumes surging by a staggering 45% to $632 million.

Ethena Partners With Bybit

On Tuesday, May 7, Ethena announced its partnership with crypto exchange Bybit to integrate its USDe stablecoin as collateral for Perpetual futures trading on the platform. this will provide Bybit users the ability to earn yields as well as unlock “greater capital efficiency”.

USDe is the native stablecoin of Ethena Labs, hailed as “the first-ever scalable synthetic dollar”. Last month, the platform incorporated Bitcoin as an asset supporting USDe after distributing its governance token, ENA, via airdrop to eligible users.

The integration of USDe with Bybit will also introduce Bitcoin and Ether spot trading pairs with USDe, as announced in a press release. Additionally, USDe will be available on the exchange’s Earn platform, allowing users to utilize their synthetic dollars for Bybit launchpool farming. speaking on the development, Guy Young, CEO and founder of Ethena Labs, said:

“Ethena’s integration with Bybit is a significant step in driving use cases for USDe. Offering USDe as collateral on Bybit which is one of the most important derivative venues in all of crypto will unlock USDe’s next wave of growth, further challenging the existing stablecoin hegemony with a tailored product purpose-built for crypto-natives”.

ENA Price Target of $10

Soon after going last month in early April, the Ethena (ENA) price surged all the way to $1.50 in a week’s time driving investors’ attention. However, in the past few weeks, the ENA price retraced by nearly 50% dropping all the way to $0.80.

Now, Ethena has resumed its upward trajectory once again trying to give a breakout past $1. Arthur Hayes, CEO of crypto exchange BitMEX predicted that the ENA price could rally further to $10.

Currently, the ENA token has retraced below the crucial support level at $0.9425, its peak reached on April 29th, while still maintaining a slight position above the 50-period moving average. As a result, the current outlook for the token remains neutral. Key support and resistance levels to monitor are at $0.85 and $1.03 respectively.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.