Bitcoin SV was tipped to hold on to $255.2-support despite flashing bearish signals at press time. Enjin Coin could move towards another region of support at $2.028, while Elrond projected a rise towards $190 if the bulls maintained $152.87-support.
Bitcoin SV [BSV]
Bitcoin SV’s movement over the last few days has been inconsistent on the 4-hour timeframe. While an upward breakout from a horizontal channel drove BSV over $260, a reversal quickly followed, and the market retested the pattern’s upper trendline before rising again. Some resistance was seen at the $242.1 mark, and the price is still below this upper limit as of this writing.
The RSI suggested that BSV was overvalued when it reached $260, and the price has since settled on the charts. The MACD also showed a bearish market, but it remained above the half-way level, indicating that the bulls are likely to hang on to $255.2-support.
Enjin Coin [ENJ]
Enjin Coin has been traded in a channel between $2.68 and $2.33 for the past eight days, as the market has been quiet after retracing from record highs. Following a touch of divergence on the RSI, the price tried the bottom end of the channel and flipped it to a line of resistance.
As the price broke down on the 4-hour timeframe, the Awesome Oscillator fell below the half-line and also registered a red bar. The next level of support was at $2.028, and failure to reach this level would almost certainly result in a prolonged sell-off towards $1.5, but the bulls were supposed to hang on to the above price point. A split over $3, on the other hand, will tip the scales in favour of the bulls.
The Elrond market was well on its way to recovery as the price reclaimed main values on its climb into new highs, which was cut short in early February. About the fact that the bulls lost out to the $172.02 area and turned it into a line of resistance, a favourable comeback is anticipated in the coming days. However, this may be influenced by the recently flipped help line at $152.86. Maintaining this pace would make for a long-term increase into the $190 level.
The Awesome Oscillator was on the verge of forming a bearish twin top, whilst the Stochastic RSI has yet to reverse from the lower zone, implying that the bulls needed to clear some bearish pressure before attempting to push EGLD above its upper barrier.
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