Many major altcoins showed signs of reversing their recent downtrend. Binance Coin appeared to be caught in a range and consolidating. Tezos has been steadily dropping since hitting an ATH. Enjin approached a region of confluence and any break-out from this region can be expected to be a strong move.
Binance Coin [BNB]
Binance Coin was trading above support at $22. Though this level has served as important support in the past, the price has see-sawed through it in the past few days. A price range (cyan) was highlighted to indicate possible trading opportunities if price approaches either level.
RSI showed a value of 53 and kept above 50 neutral line recently, indicating BNB is consolidating or might be at the beginning of an uptrend. The idea of consolidation is reinforced by 50 EMA (yellow) and 100 EMA (pink), which have been moving very close to one another.
Tezos was trading above the 61.8% retracement level, as highlighted by Fibonacci Retracement tool. 78.6% retracement coincided with long-term support at $3, while 23.6% retracement level has also been of importance in the past few days.
Chaikin Money Flow was strongly negative, showing mounting selling pressure. Unless this changes, XTZ is likely to drop to $3.
ENJ has been on an uptrend (yellow) throughout August. Its surge to $0.256 and eventual drop showed a shorter-term bearish trend (cyan) that ENJ has been unable to break.
$0.212 was a support zone, while $0.227 and above it, $0.241, were resistance regions.
The confluence of two trendlines with support at $0.212 made this region very important for ENJ’s next move.
The break-out might go upward or downward, but since the longer time-frame trend is upward, it seems the more likely direction of Enjin.
Directional Movement Index (DMI) highlighted the lack of a strong trend at press time.
Subscribe to our Newsletter