Bybit Partnership Boosts Ethena Price

The partnership between Ethena and Bybit incorporating USDe stablecoin as collateral caused ENA to surge to $1.0 initially.

In response to the recent cooperation announcement with Bybit, the price of Ethena (ENA) skyrocketed all the way up to $1.0 at the beginning of today.

ENA is currently trading at $0.902, a 4% increase from its previous price, with a market valuation of $1.37 billion and daily trading volumes going up by an astounding 45% to $632 million as of this publication.

Ethena Partners With Bybit

On Tuesday, May 7, Ethena announced that it had formed a partnership with the cryptocurrency exchange Bybit to incorporate its USDe stablecoin as collateral for the trading of perpetual futures on the platform.

This will allow Bybit users to earn yields and unleash “greater capital efficiency.” Bybit users will also have the option to earn yields. People have referred to Ethena Labs’ native stablecoin, USDe, as “the first-ever scalable synthetic dollar.”

The USDe came into being in 2017. Following the distribution of its governance token, ENA, via airdrop to eligible customers, the network adopted Bitcoin as an asset that supported USD approximately one month ago.

A press release announced that the integration of USDe with Bybit will also introduce spot trading pairs with USDe for Bitcoin and Ether. In addition, USDe will be available on the exchange’s Earn platform allowing users to use their fabricated dollars for Bybit launchpool farming.

Ethena Labs’ CEO and creator, Guy Young commented on the occurrence by saying, “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.”

This occurred shortly after the price of Ethena (ENA) had recently gone up. The price of ENA, on the other hand, has undergone a significant retracement over the past few weeks, falling all the way to $0.80.

ENA Price Target of $10

Ethena’s price has recently resumed its upward trend and it is currently attempting to provide a breakout beyond $1. The chief executive officer of the cryptocurrency exchange BitMEX, Arthur Hayes, forecasts that the price of ENA may continue to rise to $10.

The ENA token has currently retraced below the crucial support level of $0.9425, the peak it reached on April 29th. Despite this, the token remains in a tiny position above the 50-period moving average.

As a result, the current outlook for the coin is considered neutral. We should monitor the important support and resistance levels at $0.85 and $1.03, respectively.