638 Interactions, 8 today
In the last few days, there has been a spike in bearishness in the cryptocurrency sector. As predicted, this followed BTC’s retracement into the $53k-price point. On the market indices, altcoins such as Binance Coin, Enjin Coin, and SUSHI reported a bearish breakout from phases of consolidation.
Binance Coin [BNB]
Good supports for the coin can also be found at $235 and $213. The former did a decent job in the last 12 hours, assisting the price to increase.
The MACD predictor showed a bearish crossover, but there were no hints of a turnaround. The RSI predictor showed some divergence as it moved away from the oversold zone and closer to the neutral zone.
Enjin Coin [ENJ]
ENJ has been incredibly rangebound in recent days, and amid the increased bearish sentiment, the coin has traded largely sideways. ENJ was priced at about $2.20 at the time of publication, after falling by a staggering 17 percent in a week. However, in the last few hours, the cryptocurrency has pushed away from its immediate support and towards its resistance level of $2.27.
This was also the price at which the EMA ribbons settled, which is likely to provide further resistance to ENJ’s upward movement. The MACD predictor has seen a few pattern reversals, and at the time of publication, it had just seen another bearish convergence.
If a turnaround does not occur, ENJ’s newfound bullish momentum may be stopped, causing the coin to trade sideways.
SUSHI’s price has fallen sharply in the last 24 hours, with the alt nearing its immediate resistance level of $16.5. At the time of publication, the coin had a selling price of more than $15 and a 24-hour trading rate of about $473 million. The $14 support held up well in the face of bearish pressure, allowing the coin to resume its upward trend.
The Bollinger Bands for SUSHI were expanding, suggesting increased market uncertainty. The MACD predictor displayed a bearish convergence, with the Signal line crossing over the MACD line. There were still no hints of a pattern turnaround.