Altcoins
Will the price of Altcoins SNX and ENS skyrocket by 100% this week?
As the price of Bitcoin and Ethereum heads for a bullish week, altcoins absorb further momentum in the market for a quick jump. With anticipation of a trend reversal in Synthetix and the bull run gaining momentum in ENS, buyers are expecting a massive jump this week.
After the approval of Ethereum ETFs, altcoins are in a bullish phase as sentiment improves to fuel the momentum of the trend. In this recovering market, SNX and ENS prices project a potential bullish surge for a moon shot this week.
Let’s take a technical look at their price chart and determine the chances of a rise this week.
ENS price targets a $28 break for a 60% upside.
With a massive jump of almost 80% last week, the ENS price jump creates a bullish engulfing candle on the 1W chart. Furthermore, the altcoin’s bull run undermines the bearish influence noted last month.
As the price of the Ethereum denomination service surpasses the 23.60% Fibonacci level, buyers challenge the $28 supply zone. With a bullish breakout, the prolonged uptrend could surpass the 50% Fibonacci level at $41.58.
Optimistically, buyers could reach the psychological $50 mark by the end of this week if the momentum is maintained.
Morning Star in SNX price will soon challenge the $4 zone
Amid the broader market bull run, altcoin Synthetix absorbs further momentum to kick off a recovery rally. With a price increase of 17% last week, SNX price action completes a morning star pattern on the 1W chart.
With this recovery, the chances of altcoins turning around have increased significantly. A sustained rally this week will test the $5 supply zone for a breakout run.
Will These Altcoins Explode This Week?
With the growing likelihood of a bullish breakout, altcoin prices are poised for a massive leap above critical resistances this week. Therefore, collateral traders and long-term HODLers can witness relief and increased demand this week.