Altcoins
Top Trader Says New Altcoin Project Expected to Go Much Higher Amid “Reliable Setups” in Market
A widely followed crypto analyst believes that an Ethereum (ETHThe )-based decentralized finance (DeFi) token is being set up for a big rally.
According to pseudonymous trader The Flow Horse, Ethena’s governance token (ENA) is one of many new altcoins presenting opportunities, but requires patience for reward.
“There are a few pairs I’m looking at that are relatively new and have had their first longer withdrawals, similar to the ENA below.
Almost all new alts offer a very basic and reliable diagonal spread setup if you are patient enough.
I think it will go much higher. Unlocks are still a year away.
Source: The flux horse/X
According to another crypto analyst called Altcoin Sherpa, ENA appears it is likely to extend its bullish momentum after retesting the Fibonacci retracement level at $0.76.
“ENA: I came out of that one but I think it looks solid. .618 Fibonacci + support/resistance level and the market looks okay.
Source: Altcoin Sherpa/X
Looking at the altcoin markets as a whole, another pseudonymous trader known as Rekt Capital tell its 461,000 followers on social media platform 250 billion dollars.
Based on his chart, the analyst appears to be initially targeting the $315 billion level before hitting old highs near $425 billion.
“Altcoin market cap still holds the $250 billion support, positioning itself for future upward movement via the dark path.”
Source: Rekt Capital/X
ENA is worth $0.885 at the time of writing, up 8% on the day.
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Featured image: Shutterstock/NextMarsMedia/Natalia Siiatovskaia