Altcoins are different from each other in terms of their transaction speed, scalability levels and even their ranking, however, right now, all of them are trending downwards. Binance Coin which was off to a good start at the start of 2020, eventually witnessed a price drop breaching major supports. Similarly, Ontology and Enjin also saw a major downtrend even before the ‘Black Thursday’.
Source: BNB/USD, TradingView
Binance Coin has been witnessing a downward trend since March 7. However, once the coin breached the $9 level, it has maintained constant support at $11.1, and the Awesome Oscillator indicator confirms an upward breakout.
Resistance: $12.86, $18.50, $21.47
Support: $11.10, $9.82, $8.63
At press time:
Price: $11.9
Market Cap: $1,816,986,893
24-hour Trading Volume: $237,692,111
Ontology
Source: ONT/USD, TradingView
Ontology, positioned at the 31st level on CoinMarketCap, also fell by 72.8% on March 7. As seen in the above chart, there is a formation of a descending triangle which indicates a downward price breakout. However, Bollinger Bands hint at an upward breakout.
Resistance: $0.43, $0.60
Support: $0.33, $0.31, $0.27
At Press time:
Price: $0.3
Market Cap: $230,281,670
24-hour Trading Volume: $61,532,293
Enjin Coin
Source: ENJ/USD, TradingView
Enjin’s price had spiked above the strong resistance levels during the start of March, however, the price went crashing down to by 62% on March 12. Unlike, other altcoins, ENJ rose up by 94% on March 18, and is currently maintaining the support at $0.07. Additionally, the RSI indicator indicates that it’s overbought.
Resistance: $0.09,0.11
Support: $0.07, $0.6, $0.5, $0.4
At press time:
Price:$0.08
Market Cap:$69,713,395
24-hour Trading Volume: $10,123,963
