Polkadot, Sushiswap, Enjin Coin Price Analysis: 04 September

Over the last day, some altcoins witnessed contrasting price movements. Polkadot continued to show range-bound movement and fell through its $33.37 support line. Sushiswap lost 3.6% and eyed the immediate support line of $12.58. Enjin Coin, however, climbed up its chart by a minor 1.7%, trading close to its weekly high of $2.20. 

Polkadot (DOT)

DOT/USD, TradingView

DOT witnessed consolidation on its chart, declined by 0.3% and was trading at $33.25. The altcoin had just dipped below its $33.37 support line and a downward push could land it on $28.94.

Failing to sustain over the $28.94 support mark, would drag DOT down to trade near its weekly low of $25.22. MACD flashed red bars on its histogram, indicating a drop in prices.

Correspondingly, Awesome Oscillator displayed red signal bars. On the other hand, buying strength still remained bullish, as the Relative Strength Index stood above the 60-mark. 

An upturn in DOT’s price action owing to sustained demand, would help push the coin above its multi-month high of $33.25 and topple over the $33.37 and $34.66 resistance marks. 

Sushiswap (SUSHI)

SUSHI/USD, TradingView

SUSHI noted a dip of 3.6% over the last 24 hours and was valued at $13.05. The token was trading close to $12.58, its immediate support line. A decline below $12.58 will push SUSHI to rest on its weekly low of $11.17.

SUSHI hasn’t fallen below the $11.17 mark in over three weeks’ time. Its indicators pointed towards bearish price action. MACD witnessed red bars on its histogram. Awesome Oscillator also flashed red signal bars.

In contrast, capital inflows remained within the bullish zone as reflected by Chaikin Money Flow. Investors could express increased interest, given the recent development related to Sushiswap’s forthcoming NFT, Shoyu Marketplace. 

Enjin Coin (ENJ)

ENJ/USD, TradingView

Enjin Coin went up by 1.7%, over the last day, and was trading at $2.11. The overhead resistance stood at $2.20. It had last touched that price level a week ago, marking it as a one-week high.

Going further up, the altcoin can record a multi-month high at $2.30 after toppling the $2.20 price line. Technical indicators pointed towards bullish price action. MACD noted growing green bars on the histogram.

Relative Strength Index stood at 60, after buying strength revived over the last 24 hours. Parabolic SAR also showed dotted lines below the candlesticks implying an uptrend. 

On the downside, Enjin’s support lay at $2, falling below which, the altcoin would trade near the $1.77 support line, a level it last touched two weeks ago. The mentioned price line, had also acted as a propelling price point over the last two weeks. 

Recently, Enjin partnered with Stormrite, an open-world RPG game. Stormrite will introduce cosmetic, eco-friendly NFTs to Enjin’s platform.