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 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 have been eagerly awaiting, as they prepare for significant gains.
Price Target for ENS: 60% Upside Potential
ENS price experienced an impressive 80% surge last week, forming a bullish engulfing candle on the weekly chart. This movement indicates a strong bullish trend overcoming 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’s price could reach the psychological $50 level by the weekend.
SNX Prepares for $4 Region
Amid the market’s bullish run, Synthetix’s SNX has also gained momentum, setting the stage for a recovery rally. Last week, SNX witnessed a 17% price increase, completing a morning star formation on the weekly timeframe. This formation indicates a potential trend reversal, significantly increasing the likelihood of a sustained recovery. If this recovery continues, SNX is expected to challenge the $5 supply zone for a significant breakout, further bolstering 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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