Bitcoin (BTC) and Ethereum (ETH) are poised for a potentially bullish week, while altcoins Synthetix (SNX) and Ethereum Naming Service (ENS) are seeking additional market momentum for a rapid rise. The recent approval of spot Ethereum ETFs in the US has boosted market sentiment, leading to an optimistic outlook for these altcoins. This recovery anticipates a potential bullish wave that SNX and ENS investors are eagerly preparing for, expecting significant gains.
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ENS: Upside Potential of 60%
SNX Prepares to Reach $4 Region
ENS: Upside Potential of 60%
Last week, the price of ENS witnessed an impressive 80% jump, forming a bullish engulfing candle on the weekly chart. This movement indicates a strong bullish trend that has overcome the bearish effects observed last month. Visit NEWSLINKER for the latest technology news.
The altcoin’s price has surpassed the 23.60% Fibonacci retracement level, and buyers are now targeting the $28 supply zone. A successful breakout at this level could lead to the price extending to the $41.58 50% Fibonacci level. If the bullish momentum continues, ENS’s price could reach the psychological $50 level by the weekend.
SNX Prepares to Reach $4 Region
Amid the market’s bull run, Synthetix’s SNX has also gained momentum, setting the stage for a recovery rally. Last week, SNX saw a 17% price increase, completing a morning star formation on the weekly timeframe. This formation indicates a potential trend reversal, significantly increasing the chances of a prolonged recovery.
If this recovery continues, 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 surpassing key Fibonacci levels for ENS indicate a significant upward movement. Similarly, the morning star formation in SNX suggests a potential trend reversal as the altcoin prepares to break 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 carry high volatility and therefore risk, and should conduct their own research.
