Altcoins
Will Altcoins SNX and ENS Prices Skyrocket 100% This Week?
As Bitcoin and Ethereum prices aim for a bullish week, altcoins are siphoning additional momentum from the market for a quick jump. With anticipation of a trend reversal in Synthetix and a bull run gaining momentum in ENS, buyers are expecting a massive jump this week.
Following Ethereum ETF approvals, altcoins are on a bullish run as sentiments improve to fuel trend momentum. In this recovering market, SNX and ENS prices are forecasting a potential bullish surge for a moon this week.
Let’s take a technical look at their price chart and determine the chances of a move higher this week.
ENS price targets $28 breakout for 60% upside
With a massive jump of almost 80% in the past week, the ENS price rise constitutes a bullish engulfing candle in the 1W chart. Additionally, the altcoin’s uptrend undermines the bearish influence seen last month.
As Ethereum naming service price breaks above the 23.60% Fibonacci level, buyers are challenging the $28 supply zone. In the event of a bullish breakout, the extended uptrend could surpass the 50% Fibonacci level at $41.58.
With some optimism, buyers can reach the psychological $50 mark by the end of this week if momentum maintains.
Morning Star in SNX Price to Challenge $4 Zone Soon
Amid the broader market uptrend, altcoin Synthetix is siphoning additional momentum to launch a recovery rally. With a 17% price rally in the past week, SNX price action completes a morning star pattern in the 1W chart.
With this recovery, the altcoin’s chances of trend reversal have increased significantly. An extended rally this week will challenge the $5 supply zone for a breakout.
Will these Altcoins explode this week?
With the increasing likelihood of a bullish breakout, altcoin prices are poised for a massive jump beyond critical resistances this week. Therefore, secondary traders and long-term HODLers may witness relief and increased demand this week.