With Bitcoin surpassing $91,000, crypto investors’ increased risk appetite is fueling a bull run in altcoins. In the process, many altcoins, such as ENS coin, are reaching new 52-week highs, reinforcing the reversal rally. With the increasing bullish momentum, is it possible for these altcoins to reach new all-time highs? Analyst Sohrab Khawas shares three altcoins that have the potential to make ATH (all-time high) in the coming week.
Will AAVE and ENS Coin Make ATH Next Week?$ENS
According to the analyst, an ascending expanding wedge formation is observed on Aave’s daily chart. Currently, AAVE is trading at $202, having broken a critical psychological level. However, the price seems to be struggling to continue its upward rally and reach the overhead resistance line. The latest drop occurred at $211.61. Still, AAVE has gained 32% in the past month. Considering that it is trading at a 70% discount to its all-time high of $461, the increasing demand for the DeFi token increases the likelihood of AAVE hitting its ATH level. According to the analyst, a breakout of the expanding wedge would be a significant entry point for traders.
Will ENS Coin Rise Continue?
The Ethereum Naming Service (ENS) token is up an impressive 112% this week. This surge is signaling a major bull rally that will invalidate predictions of a 2024-2025 crypto winter. ENS has reached a significant level by breaking the 50 Fibonacci level at $41.58. Currently trading at $43.14, ENS is around half the price of its all-time high of $84. The analyst expects the rally to continue for another week after the major recovery, and the positive crossover of the MACD indicator supports this rise. This increases the likelihood of ENS breaking its all-time high.
JTO Coin: Is All-Time High Near?$JTO
Finally, the analyst also lists the JTO token among the coins that have the potential to see a new all-time high next week. The JTO token has broken the long-standing resistance trend line and started to rise. Currently trading at $3.7650, JTO has achieved strong dominance by trading above the 50% Fibonacci level. As the uptrend continues, it is on its way to make an ATH above the $5.33 level with a rounding reversal. The critical entry point for traders will be formed by breaking the 61.80% Fibonacci level, which corresponds to the psychological level of $4.
In summary, altcoins like AAVE, ENS, and JTO have the potential to reach all-time highs next week with increasing demand and positive technical indicators. These altcoins could gain significant momentum with the rising bull market.
