Altcoin
Support for this Altcoin from Bybit: Analysts Expect an Increase!
Bybit boosted Ethena Labs’ USDe stablecoin. The cryptocurrency exchange has announced that it will add USDe spot trading parity for Bitcoin and Ethereum. These developments have also been supportive for ENA, for which Ethena Labs is responsible. The price of the altcoin reacted positively to the development. Analysts are aiming higher for ENA!
Bybit will add USDe spot trading parity for BTC and ETH
As you follow Cryptokoin.com, Ethena, a newcomer to the market, is making a name for herself. In a new development, Ethena has announced a new partnership with cryptocurrency exchange Bybit. In this context, Bybit will integrate USDe as a collateral asset for seamless futures trading of all assets on the exchange’s UTA. The move offers users the ability to generate returns and “unlock greater capital efficiency”. The integration also includes BTC and ETH spot trading pairs with USDe.
USDe it will also launch on the exchange’s Earn platform. Users will be able to use USDe for farming the Bybit launchpool. Guy Young, CEO and founder of Ethena Labs, said:
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 prominent derivatives venues in all of cryptocurrencies, will unlock the next wave of USDe growth and further challenge the current stablecoin hegemony with a product designed specifically for cryptocurrency natives.
“This altcoin will go much higher!”
Ethena (ENA) is poised for a big rally, says the 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 states the following:
There are several relatively new pairs that are experiencing their first long-term pullbacks, similar to ENA under. Almost all new altcoins offer a very simple and reliable cross breakout setup if you are patient enough. I think this is set to go much higher. We’re still a year away from unlocking.
“ENA is likely to increase its upward momentum!”
According to another crypto analyst named Altcoin Sherpa, the ENA is likely to increase its upward momentum after retesting the Fibonacci retracement level at $0.76. The analyst said: “ENA: I’m out of it, but I think the outlook is solid. .618 Fibonacci + support/resistance level and the market is in good shape.
ENA Price Prediction: Next in Line for Altcoin to Cross $1!
Crypto analyst Ryan James is also optimistic ENA. Technical analysis of the ENA price chart shows a consolidation phase with the price stabilizing above the 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, justifies potential price appreciation after a long period of consolidation. Currently, ENA it is in the middle between the 0.737 and 0.5 Fib levels. It also represents a strong area of consolidation for ENA. The price is likely to test $1.12 if it manages to break above this psychological resistance area.
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