An Ethereum-based decentralized finance (DeFi) token is predicted to experience a significant rally, according to a well-known crypto analyst. The analyst, known as The Flow Horse, believes that the governance token of Ethena (ENA) is one of several new altcoins that present lucrative opportunities, but investors must exercise patience in order to reap the rewards. The analyst suggests that ENA is currently in the early stages of a pullback and is poised for a diagonal breakout. Another analyst, Altcoin Sherpa, adds that ENA is likely to continue its upward momentum after retesting the Fibonacci retracement level at $0.76. Meanwhile, Rekt Capital, another pseudonymous trader, indicates that the altcoin market as a whole is preparing for a bounce off the $250 billion level, with a potential target of $315 billion before reaching old highs near $425 billion. At the time of writing, ENA is valued at $0.885, representing an 8% increase for the day.
