With Bitcoin rising above $91,000, crypto investors’ increasing risk appetite is signaling a bull run in altcoins. Amid the rising demand, many altcoins like ENS coin have reached 52-week highs and the reversal rally is gaining momentum. Will the increasing bullish momentum in altcoins result in a new all-time high for several altcoins? Analyst Sohrab Khawas offers a list of the top three altcoins with high potential to reach all-time highs in the coming week.
Will AAVE and ENS coin make an ATH next week?
According to the analyst, the Aave price trend on the daily chart is showing a rising broadening wedge formation. AAVE is currently trading at $202 and has broken the critical psychological limit. However, the bullish rally is struggling to reach the overhead resistance trend line. The last bearish breakout came at $211.61. However, the DeFi token has gained 32% in the past month. Despite trading at a massive 70% discount from its all-time high of $461, the increasing demand in the altcoin segment and the DeFi sector is increasing the chances of reaching a new all-time high. According to the analyst, a breakout of the rising broadening wedge will be a critical entry point for price action traders.
On the other hand, the (ENS) Ethereum Naming Service token has gained a massive 112% this week. According to the analyst, this is creating a major bullish candle that undermines the 2024-2025 crypto winter. The ENS coin has broken the 50 Fibonacci level at $41.58. Currently, the ENS token is trading at $43.14, almost halfway from its all-time high of $84. According to the analyst, the bullish trend is expected to continue for another week with the major recovery in a week. The MACD indicator, which supports the bullish trend, has made a positive crossover. Therefore, it could potentially break the all-time high.
The last coin on the list: JTO
Finally, among the coins that the analyst expects to reach an all-time high (ATH) next week is JTO. According to the analyst, the JTO token has started to rise after breaking the long-standing resistance trend line. With a second positive test bounce, the JTO token is trading at $3.7650 and continues to dominate above the 50% Fibonacci level. As the uptrend continues, the rounding reversal is preparing for a new all-time high above the $5.33 level. The critical entry point for traders remains the 61.80% Fibonacci level break at the $4 psychological mark.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
