Bitcoin SV, Algorand, BitTorrent, Enjin Coin Price Analysis: 31 March
Bitcoin SV’s bulls need to defend the $204.10-support over the coming sessions to avoid a further breakdown on the charts. Algorand was tipped to fall towards $1.17, while BitTorrent could overcome bearish sentiment and continue its upwards trajectory. Finally, Enjin Coin can be expected to remain between $2.66 and $2.02 over the short-term.
Bitcoin SV [BSV]
While Bitcoin SV’s price did recover over the past few days, it did so without the presence of strong buying pressure. This was evident on OBV which struggled to recuperate since BSV dropped towards the $189.2-support.
In fact, the OBV dipped at the time of writing and the bulls might have to defend the $204.10 level from the bears. The Awesome Oscillator registered two consecutive bars as momentum shifted towards the selling side. Additional support levels could be found at $197.1 and $189.2 if the price breaks down over the coming sessions.
Algorand moved deep into the red territory at press time, registering losses of nearly 8% in the last 24 hours. Trading volumes took a beating and nearly halved as the price reversed its trajectory from the $1.42-resistance. A bearish crossover in the MACD pointed to additional losses over the coming sessions and a dip below $1.23 support looked likely too.
The RSI moved below the top line after suggesting that ALGO was actually overbought at $1.4. A fall towards $1.17 or even $1.1 could present some opportunities to go long at a discounted price. However, stabilization at lower levels would allow the price to surge above the $1.42 barrier over the long run.
A doji candlestick appeared on BitTorrent’s 4-hour timeframe and pointed to a pullback after the price broke north of its $0.0038-resistance and showed strong bullish movement. Nevertheless, the 24-hour trading volumes indicated strong trading activity and clocked in at $4.7 billion, at the time of writing.
Even though the RSI moved slightly lower, it settled in the overbought region and pointed to an extended bullish scenario moving forward. While the OBV noted some selling pressure, the bulls can be expected to overcome the bearish pressure. In the event of a pullback, the first support level lay at $0.0046.
Enjin Coin [ENJ]
The range between $2.66 and $2.02 was largely in focus since Enjin Coin retraced from record highs. The OBV was quite distant from the levels it once saw during the crypto-asset’s ATH, something that suggested that buyers took a breather after a strong uptrend that lasted 15 days.
The Chaikin Money Flow slipped below the half-line as capital moved away from ENJ. However, the bulls were likely to defend the $2.02-support from additional losses. For a bullish comeback, the bulls need to reclaim the levels at $2.68 and $2.84.