Bitcoin (BTC) and Ethereum (ETH) are gearing up for a prospective bullish week, with Synthetix (SNX) and Ethereum Naming Service (ENS) altcoins seeking additional market momentum for rapid ascension. The recent approval of spot Ethereum ETFs in the United States has notably lifted market sentiment, resulting in an optimistic forecast for these altcoins. This recovery envisions a potential bullish wave that SNX and ENS investors are eagerly awaiting for significant gains.
What Are ENS’s Price Targets?
ENS’s price surged by an impressive 80% last week, forming a bullish engulfing candle on the weekly chart. This indicates a robust bullish trend that has overcome the bearish effects noted in the previous month. The price has exceeded the 23.60% Fibonacci retracement level, with buyers now targeting the $28 supply zone. A successful breakout at this level could propel the price to the $41.58, which is the 50% Fibonacci level. If the bullish momentum persists, ENS’s price might reach the psychological $50 level by the weekend.
How Is SNX Preparing for a Bullish Run?
Amid the market’s bull run, Synthetix’s SNX also gained momentum, setting the stage for a recovery rally. SNX witnessed a 17% price increase last week, completing a morning star formation on the weekly timeframe, indicating a potential trend reversal. If this recovery continues, SNX is expected to challenge the $5 supply zone for a significant breakout, further enhancing its bullish outlook.
Key Insights for Investors
Valuable takeaways for investors include:
- ENS’s price movement indicates the potential to hit $50 if bullish momentum remains strong.
- SNX’s morning star formation suggests a trend reversal, with a target of breaking the $5 resistance level.
- Spot Ethereum ETFs approval has positively impacted market sentiment, benefiting both ENS and SNX.
Conclusion
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.