268 Interactions, 2 today
Augur predicted rangebound action, Chainlink to stabilise at $36.6 or $35.2 before resuming its northbound course, and Enjin Coin to split north from a dropping wedge.
On the 4-hour timeline, a breakout over a significant support point at $44.4 propelled Augur north, and the market peaked at $58. Since then, the market has jumped within a descending channel, and a breakout has lifted REP up over the $50 level. However, market conditions were neutral at press time, and traders were told to wait and watch for the next swing.
The RSI was 50, and neither side was dictating travel. At the time of publishing, the Awesome Oscillator was bearish-neutral, and momentum seemed to be poor. This indicated that there would be some rangebound activity before the breakout. Once the move to the north begins, resistance lines at $53.27 and $57.15 can be watched.
Chainlink has been a good winner in 2021 so far, with year-to-date returns of 215 percent. Since the end of March, the market has been especially bullish, and a breakout from a symmetrical triangle lifted the price to a new ATH just above $38. The RSI reverted from the overbought sector, implying some stabilisation for LINK until the next upswing. This could happen at the $36.6 or $35.2 help range.
The Squeeze Momentum Indicator revealed a bullish market with heavy volatility. Following the slight dip, LINK’s uptrend is expected to reach values above $45 in the coming weeks.
Enjin Coin [ENJ]
Enjin Coin was moving within a dropping wedge on the 4-hour timeline, and a breakout from the trend seemed imminent. However, the measures have taken a bearish approach, and ENJ may see lower levels before the upswing occurs.
In reality, the MACD was about to drop below the half-line, and its histogram shows rising red bars. The OBV made lower lows, emphasising selling in the ENJ market. A solid support line lay at $2.65, and the market will almost certainly break out before reaching this level. If the price falls below the previously stated help, an extended bearish situation is likely.