A widely followed crypto analyst believes one Ethereum (ETH)-based decentralized finance (DeFi) token is being set up for a large rally.
According to pseudonymous trader The Flow Horse, the governance token of Ethena (ENA) is one of many new altcoins presenting opportunities, but requires patience for payoff.
“There are a couple pairs that I am eyeing that are relatively new and have been going through their first longer-rounded pullbacks similar to ENA below.
Almost all new alts offer a very basic and reliable diagonal breakout setup if you are patient enough.
I think this is setting up to move much higher. Unlocks are still a year out.”
According to another crypto analyst called Altcoin Sherpa, ENA appears likely to extend its upward momentum after retesting the Fibonacci retracement level at $0.76.
“ENA: I’m out of this one but I think it looks solid. .618 Fibonacci + support/resistance level and market looking ok.”
Looking at the altcoin markets as a whole, another pseudonymous trader known as Rekt Capital tells his 461,000 followers on the social media platform X that the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the 10 largest digital assets, is potentially gearing up for a bounce off the $250 billion level.
Based on his chart, the analyst appears to be initially targeting the $315 billion level before an eventual run to the old highs near $425 billion.
“Altcoin Market Cap is still holding the $250 billion well as support, positioning itself for a future move to the upside via the black pathway.”
ENA is worth $0.885 at time of writing, up 8% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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