Tezos, Waves, Enjin Price Analysis: 09 March
Tezos seemed to be moving within an ascending channel and presented an upside above the $5-mark if the price breaks its upper trendline. Waves gathered positive momentum and could challenge the resistance level at $11 over the next few trading sessions. Finally, ENJ might need to shake off a minor pullback before continuing its strong northbound trajectory.
An ADX reading of 25 showed that the press time trend for Tezos was gaining strength on the 4-hour charts. An ascending channel also formed as the price snapped higher highs and higher lows over the past two weeks. In fact, the uptrend was in the making even after discounting the bullish nature of the broader market since XTZ rose by over 22% in the last seven days alone.
The RSI was yet to reach its tipping point and indicated that the price was up for additional gains in the next few sessions. All attention would be on the $5.06-resistance level if further upsides are presented.
The On Balance Volume on Waves formed higher highs as the cryptocurrency bounced back from the $8.3-support and flipped $9.9-resistance. Since retaking the aforementioned level from the bears, the Parabolic SAR’s dotted markers moved under the candlesticks and highlighted bullish movement in the market.
The next challenge for the bulls resided around the $11-mark. A spike in the 24-hour trading volumes can be observed for further signals on an upwards breakout.
Enjin Coin [ENJ]
Gains over the last 30 days amounted to nearly 400% as Enjin Coin positioned itself among the biggest monthly gainers. What was even more impressive is that the gains came at a time when most altcoins were in a consolidation stage and followed the market leaders Bitcoin and Ethereum. However, some bearishness was observed in the ENJ market during press time, and a pullback seemed likely in the short-term.
The RSI reversed direction and pointed south from the overbought zone. Although the Awesome Oscillator still favored the buyers, red bars in the coming sessions could form a bearish twin peak setup. This could be followed by a sharp shift of momentum towards the selling side. In the event of a reversal, the first line of defense would be found at $1.40 and the other at $1.106.