Ethereum

Flow

Ethena

Rekt

<div class="dailyhodl">
 A widely followed crypto analyst believes one Ethereum (ETH)-based decentralized finance (DeFi) token is&nbsp;being set up&nbsp;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&nbsp;for payoff.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 “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&nbsp;a&nbsp;very&nbsp;basic&nbsp;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.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GM5NiFdXgAA_Lho?format=jpg&amp;name=medium" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: The Flow Horse/X
 </figcaption>
 </figure>
 According to another crypto analyst called Altcoin Sherpa, ENA&nbsp;appears&nbsp;likely to extend its upward momentum after retesting the Fibonacci retracement level at $0.76.
 “ENA: I’m out of this one&nbsp;but&nbsp;I think it looks solid. .618 Fibonacci + support/resistance level and market looking ok.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMlP_u1XoAAlyjS?format=png&amp;name=medium" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Altcoin Sherpa/X
 </figcaption>
 </figure>
 Looking at the altcoin markets as a whole, another pseudonymous trader known as Rekt Capital tells&nbsp;his 461,000 followers on the social media platform X that the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the&nbsp;10&nbsp;largest digital assets, is potentially gearing up for a bounce off the $250 billion level.
 Based on his chart, the analyst appears to&nbsp;be initially targeting&nbsp;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.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GMvi7yyWwAArhDF?format=jpg&amp;name=large" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 ENA is worth $0.885 at time of writing, up 8%&nbsp;on the day.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-trader-says-says-one-new-altcoin-project-set-to-go-much-higher-amid-reliable-setups-in-market-tbt87592.html">https://thebittimes.com/top-trader-says-says-one-new-altcoin-project-set-to-go-much-higher-amid-reliable-setups-in-market-tbt87592.html</a>

Top Trader Says Says One New Altcoin Project Set To Go Much Higher Amid ‘Reliable Setups’ In Market

TheBitTimes

Other articles published on May 6, 2024

Vodafone to Integrate Crypto Wallet with SIM Cards

Cryptocurrency supply: decoding max, circulating, and total supply

Uniswap (UNI) and NEO Gain Momentum with Pushd’s E-Commerce Breakthroughs in Stage 6 Presale

DWF Labs Dumps This Altcoin on Bybit: A Deep Dive into the Crypto Market Impact (Coin Name, Symbol)

Michael Saylor Celebrates Bitcoin's 1 Billionth Transaction

Why XRP Price Aims $1 Ahead Of SEC’s Reply In Ripple vs. SEC

Join our free newsletter for daily crypto updates!