- A prominent crypto analyst predicts a significant rally for the Ethereum-based DeFi token, Ethena (ENA).
- The trader, known as The Flow Horse, advises patience for potential payoff with this and other new altcoins.
- Another analyst, Altcoin Sherpa, also sees potential for ENA’s upward momentum following a retest of a key Fibonacci retracement level.
Analysts predict a major rally for Ethena (ENA), an Ethereum-based DeFi token. The token’s potential growth is linked to patience and careful market observation.
ENA’s Potential for a Major Rally
Ethena (ENA), a governance token on the Ethereum blockchain, is being tipped for a significant rally by a well-followed crypto analyst. The pseudonymous trader, The Flow Horse, suggests that ENA, like many new altcoins, presents an opportunity for investors who are patient enough to wait for the payoff. He points out that most new altcoins offer a reliable diagonal breakout setup, which he believes is setting up ENA for a significant upward move.
Other Analysts Echo ENA’s Potential
Another crypto analyst, Altcoin Sherpa, also sees potential for ENA’s upward momentum. He notes that ENA appears likely to extend its upward trend after retesting the Fibonacci retracement level at $0.76. He describes the token’s outlook as solid, given its support/resistance level and the overall market conditions.
Altcoin Market Outlook
Looking at the altcoin markets as a whole, another pseudonymous trader known as Rekt Capital suggests that the market cap of all cryptocurrencies excluding the 10 largest digital assets is potentially gearing up for a bounce off the $250 billion level. He targets the $315 billion level before an eventual run to the old highs near $425 billion.
Conclusion
With ENA currently trading at $0.885 and up 8% on the day, the predictions of these analysts suggest a positive outlook for the token. However, as with all investments, potential investors are advised to conduct their own due diligence before making any decisions.
