One of the most recognized analysts in the Crypto world, il Capo of Crypto, recently spoke after Ethena’s (ENA) significant loss in value, which he expressed was in favor of the bull.
In a statement made on February 6, the Capo said that the support level for the ENA price was 0.4 dollars and that he expected it to bounce from there. He also claimed that the ongoing declines at that time did not change the plan for “a new all-time high price level within a few weeks.”
The ENA price has been on a downward trend since the analyst’s statement and is currently trading at $0.28 at the time of writing this article. The token has lost 27% of its value in the last month.
The Chief stated that he received a lot of questions following the drop in ENA price. The analyst expressed that he sees ENA as a medium-term investment and plans to hold it until around August-September. However, he also added that this plan could change.
The analyst claimed that the ENA price has created a large range. He argued that the bear trend is currently oversold and that a bounce between 0.50 and 0.55 dollars would make sense. The analyst also added that after this region, a final capitulation event could occur.
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