Bitcoin (BTC) and Ethereum (ETH) are gearing up for a potentially bullish week, while altcoins Synthetix (SNX) and Ethereum Naming Service (ENS) are seeking additional market momentum for a rapid ascent. The recent approval of spot Ethereum ETFs in the US has boosted market sentiment, leading to an optimistic outlook for these altcoins. This recovery indicates a potential bullish wave that SNX and ENS investors have been eagerly anticipating, as they prepare for significant gains.
Price Target for ENS: 60% Upside Potential
ENS experienced an impressive 80% surge last week, forming a bullish engulfing candle on the weekly chart. This movement signals a strong bullish trend that has overcome the bearish effects observed last month. The altcoin’s price has surpassed the 23.60% Fibonacci retracement level, and buyers are now aiming for the $28 supply zone. A successful breakout at this level could propel the price to the $41.58 50% Fibonacci level. If the bullish momentum continues, ENS could reach the psychological $50 mark by the end of the week.
SNX Prepares for $4 Region
Amid the current bull run in the market, Synthetix’s SNX has also gained momentum, setting the stage for a recovery rally. Last week, SNX saw a 17% price increase and completed a morning star formation on the weekly timeframe. This formation suggests a potential trend reversal, significantly increasing the likelihood of a sustained recovery. If this upward momentum persists, SNX is expected to challenge the $5 supply zone for a significant breakout, further strengthening its bullish outlook.
Technical analysis of both ENS and SNX charts reveals strong bullish formations and significant potential for further gains. The bullish engulfing candle formation and the surpassing of key Fibonacci levels by ENS indicate a significant upward movement. Similarly, the morning star formation in SNX suggests a potential trend reversal as the altcoin prepares to break through critical resistance levels.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a certain level of risk. Therefore, it is important to conduct thorough research before making any investment decisions.