Ethena Labs, the innovative blockchain project behind the scalable synthetic dollar USDe, has achieved a major milestone with its integration on the prominent cryptocurrency exchange Bybit. This partnership marks a significant step in driving real-world use cases for USDe and further solidifies its position in the competitive stablecoin market.

Under the terms of the agreement, Bybit will integrate USDe as a collateral asset, enabling users to trade perpetual futures contracts for various cryptocurrencies using USDe as collateral. This strategic move not only expands the utility of USDe but also provides traders with greater capital efficiency and potential yield-earning opportunities.

Notably, Bybit has also listed spot trading pairs for Bitcoin (BTC) and Ether (ETH) against USDe, further increasing liquidity and accessibility for the synthetic dollar. This development is particularly significant given Bybit’s reputation as one of the leading derivative trading platforms in the cryptocurrency industry.

USDe’s Rapid Growth and Adoption

Since its inception, USDe has garnered significant attention and adoption within the cryptocurrency community. As of the latest data, USDe has attracted over $2 billion in deposits, showcasing its appeal as a viable alternative to traditional stablecoins.

Ethena’s native token, ENA, has also experienced remarkable growth, surging to an all-time high of $1.5 on April 11th, 2024, and achieving a market capitalization of $2 billion. The token’s success can be attributed to Ethena’s innovative rewards program, which offered a 50% reward boost for users who locked their ENA tokens for at least seven days.

ENA is currently trading at $0.9034, with a 4.13% gain over the last 24 hours and a remarkable 16% increase in the past 7 days. It has a market cap of over  $1.3 billion, ranking 63rd, and a 24-hour trading volume of over $602 million, a 34% increase in the last 24 hours.

                                                                   Ethena Price Chart: CoinMarketCap 

ENA Technical Analysis

ENA has exhibited a volatile yet promising price trajectory in recent months. After reaching an all-time high of $1.52 on April 11th, ENA experienced a 51% correction, dropping to a low of $0.739 on May 1st before finding support at a descending trendline. Bullish momentum then built, and ENA broke out of another descending trendline resistance on May 6th, gaining over 20% in the last two days.

                                                                  ENAUSD Price Chart: TradingView

According to our analysis, ENA’s next targets remain at $1.104, $1.216, and the all-time high of $1.521. In case of a retracement to the downside, ENA’s price is likely to retrace to the broken trendline or the demand zone around $0.830, where it will clear the FVG left during the recent impulsive breakout two days ago. With an RSI reading of 52, a neutral reading, there is room for movements in either direction.

Optimistic Outlook and Price Prediction

The integration of USDe on Bybit has generated significant buzz within the crypto community, with many analysts expressing optimism about Ethena’s future prospects. According to price predictions, Ethena could end 2024 at $2.35, cementing its status as one of the top altcoins to watch in the coming months.

As the adoption of USDe continues to grow, and Ethena Labs explores further partnerships and innovative solutions, the project’s impact on the stablecoin landscape is expected to intensify, potentially reshaping the way traders and investors interact with these crucial cryptocurrencies.