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Tezos, Ontology, Enjin Price Analysis: 27 December

Akashnath Sumukar



Source: Pixabay

Bitcoin’s rising market dominance meant potential trouble for the altcoin market against USDT, even as the alts bled out against BTC. Tezos slipped under a crucial level of support and it could post further losses in the coming days. Ontology registered a bearish divergence and it could be set to visit $0.42-lows. Enjin approached the $0.144-resistance, but it could be set to oscillate between $0.144 and $0.132 over the coming days.

Tezos [XTZ]

Tezos, Ontology, Enjin Price Analysis: 27 December

Source: XTZ/USD on TradingView

XTZ was trading above the $2.24-level of support a week ago, but it has lost nearly 12% of its value since. The price formed a symmetrical triangle, a pattern that generally sees the price advance in the direction of the preceding trend. This meant that a move to the downside was likely.

The Directional Movement Index showed that a strong bearish trend was in progress for XTZ as the ADX was above 20. The next level of support lay at $1.8 for XTZ.

Ontology [ONT]

Tezos, Ontology, Enjin Price Analysis: 27 December

Source: ONT/USDT on TradingView

The Gann fan used for a swing low formed in November held merit for ONT as the fan lines did a fairly good job of representing levels of interest in confluence with horizontal levels of support and resistance for ONT.

At the time of writing, the 8/1 fan line and the horizontal level of resistance at $0.48 had strong confluence for ONT. The RSI was near 50 but showed a hidden bearish divergence.

This indicated that ONT was poised for another move to the downside, with support to be found at $0.42.

Enjin [ENJ]

Tezos, Ontology, Enjin Price Analysis: 27 December

Source: ENJ/USDT on TradingView

Early November saw ENJ recover from a swing low of $0.113 to test the level of resistance at $0.144 multiple times, while the $0.132 -level acted as support for a period of two weeks.

A similar scenario could develop for ENJ over the coming days if it proves unable to break to either side of the $0.144-resistance or $0.132-support.

The OBV did not show any divergence over the past few days and highlighted selling pressure on ENJ recently. The MACD formed a bullish crossover and approached the neutral line to denote strong short-term bullish momentum.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.