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.
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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.”
Source: The Flow Horse/X
According to another crypto analyst called Altcoin Sherpa, ENA appears likely to extend its upward momentum after retesting the Fibonacci retracement level at
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