Bybit Partnership Raises Ethena (ENA) Price Target Amid High Investor Activity
Following the recent partnership announcement with Bybit, the Ethena (ENA) price rose as high as $1.0 earlier today. As of press time, ENA is trading at $0.902, up 4%, with a market cap of $1.37 billion, and daily trading volumes are up 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 allow Bybit users to unlock “greater capital efficiency” as well as generate returns.
USDe is Ethena Labs’ native stablecoin, hailed as the “first scalable synthetic dollar.” Last month, the platform incorporated Bitcoin as an asset backing USDe after distributing its governance token ENA to eligible users via airdrop.
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 use their synthetic dollars for Bybit launch pool farming. Speaking about the development, Ethena Labs CEO and founder Guy Young said:
ENA Price Target $10
The Ethena (ENA) price, which started to rise at the beginning of April last month, rose to $ 1.50 within a week and attracted the attention of investors. However, in the past few weeks, the ENA price has fallen by almost 50% to $0.80.
Now Ethena has continued its upward path, trying to surpass $1 once again. Arthur Hayes, CEO of crypto exchange BitMEX, predicted that the ENA price could rise to $10.
Currently, the ENA token has fallen below the critical support level of $0.9425, which peaked on April 29, and still maintains a slight position above the 50-period moving average. As a result, the token’s current outlook remains neutral. The key support and resistance levels to watch are $0.85 and $1.03 respectively.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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