Altcoin
A Top Trader Says A New Altcoin Project Is Set To Reach Much Higher Levels Amid “Reliable Setups” In The Market
A widely followed crypto analyst believes that an Ethereum (ET) is gearing up for a big rally.
According to pseudonymous trader The Flow Horse, Ethena’s governance token (ENA) is one of many new altcoins that presents opportunities, but requires patience for the compensation.
“There are a couple of pairs I’m keeping an eye on that are relatively new and have gone through their first ENA-like long-term pullbacks below.
Almost all new alternatives offer a very simple and reliable diagonal breakout setup if you are patient enough.
I think this is getting ready to move much higher. There’s still a year left for unlocks.
Source: The horse of the flow/X
According to another crypto analyst called Altcoin Sherpa, ENA appears it is likely to extend its upside momentum after retesting the Fibonacci retracement level at $0.76.
“ENA: I have enough of it, but I think it’s solid. .618 Fibonacci + support/resistance level and the market looks ok.”
Looking at the altcoin markets as a whole, another pseudonymous trader known as Rekt Capital tells from its 461,000 followers on social media platform
Based on his chart, the analyst appears to be targeting the $315 billion level initially before an eventual run to old highs near $425 billion.
“Altcoin Market Cap still holds $250 billion as support, positioning itself for a future upward move through the black path.”
At the time of writing, ENA is worth $0.885, up 8% on the day.
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Featured image: Shutterstock/NextMarsMedia/Natalia Siiatovskaia