Bitcoin Cash, Enjin, IOTA Price Movement Analysis for 3rd March, 2021

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Even though market leaders Bitcoin and Ethereum were already lined up at press time, some altcoins made their way into a relatively quiet market and reported gains on their respective indexes. Such was the case for Bitcoin Cash and Enjin Currency, with the latter hovering near its all-time record.

On the opposite, IOTA was much more reserved in its movement, with the old looking for more signs from the wider market.

Bitcoin Cash [BCH]

The emergence of three consecutive green candlesticks on Bitcoin Cash’s daily chart underscored clear bullish sentiments after the crypto price bounced back from the $460.75 support. A leap of more than 6 percent over the last 24 hours also saw BCH reclaim its spot as the 10th biggest cryptocurrency with a market cap of $9.9 billion. Gains have come on the heels of good trade rates, at $4.6 billion at the time of publishing.

The Stochastic RSI preferred a positive outlook after a bullish crossover in the over-sold region. The Awesome Oscillator displayed a degree of balance but recorded a single green bar as the momentum moved onto the purchase hand. The overhead resistance of $579.7 was the next challenge for the bulls.

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Enjin [ENJ]

Source: ENJ/USD, TradingView

Building on a wider market pattern, Enjin Coin has risen by more than 15 per cent in the last 24 hours and traded at record levels at the time of publishing. Its worth soared by 85 percent over the past week as the crypto-asset bounced back strongly from the $0.475 support. Although the 24-hour trading rates were short of the $1 billion mark, a 150-percent leap showed that interest in the commodity was quickly growing on the market.

The Parabolic SAR dotted markers pushed below the candlesticks while the uptrend remained intact despite a small pullback. The RSI skirted the over-purchased zone and further gains could be made for ENJ prior to a potential correction.

 

IOTA

Source: IOTA/USD, TradingView

IOTA’s market bulls kept the price over $1.12, but earnings were still capped at $1.25. Short candlesticks on IOTA’s hourly charts pointed out that buyers and sellers were generally in confirmation of the price. The ADX Measure demonstrated the absence of a clear industry trend.

The MACD backed the purchasers of the business when the stock was going for its immediate degree of resistance. However, much of the larger industry appeared to be expecting stronger market players, and this was also the case for IOTA.

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