Support for this Altcoin from Bybit: Analysts Expect a Rise!

Support for this Altcoin from Bybit: Analysts Expect a Rise!
Support for this Altcoin from Bybit: Analysts Expect a Rise!

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Bybit has given a boost to Ethena Labs’ stablecoin USDe. The crypto exchange announced that it will add USDe spot trading parity for Bitcoin and Ethereum. These developments were also supportive for ENA, which Ethena Labs is behind. The altcoin price reacted positively to the development. Analysts are pointing higher for ENA!

Bybit to add USDe spot trading parity for BTC and ETH

As you follow on, Ethena, a newcomer to 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 for continuous futures trading of all assets on the exchange’s UTA. The move gives users the ability to generate returns and “unlock greater capital efficiency”. The integration also includes BTC and ETH spot trading trading pairs with USDe.

USDe will also be launched on the exchange’s Earn platform. Users will be able to use USDe for Bybit launchpool farming. Guy Young, CEO and founder of Ethena Labs, said:

Ethena’s integration with Bybit is an important step in increasing the 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 designed specifically for crypto natives.

“This altcoin will go much higher!”

Ethena (ENA) is poised for a big rally, says crypto analyst nicknamed The Flow Horse. 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 the following:

There are several relatively new pairs that are experiencing their first long-term pullbacks, similar to ENA below. Almost all new altcoins offer a very basic and reliable cross breakout setup if you are patient enough. I think this is poised to go much higher. It’s still a year away from unlocking.

Source: The Flow Horse

“ENA is likely to increase its upside momentum!”

According to another crypto analyst named Altcoin Sherpa, ENA is likely to increase 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.”

Source: Altcoin Sherpa

ENA price prediction: Next in line for the altcoin to break above $1!

Crypto analyst Ryan James is also bullish on 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, coupled with its continuous conservative growth, makes a case for potential price appreciation after a long period of consolidation. Currently, ENA is in the middle of the 0.737 and 0.5 fib levels. It also represents a strong consolidation area for ENA. The price is likely to test $1.12 if it breaks through this psychological resistance area.

ENA Price Analysis. Source: Tradingview

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Support for this Altcoin from Bybit: Analysts Expect a Rise!