Chainlink, Enjin , IOTA Price Movement Analysis for 8th April, 2021

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The cryptocurrency market saw the altcoins surge despite the correction witnessed in the short term. Bitcoin market has also seen an upward momentum at the time of press which added to the altcoin rally’s momentum.

Chainlink [LINK]

The Chainlink price has risen from a support level of $26.06 to a new record. This moved the coin from a bearish zone to a bullish zone. Thanks to the price’s upward momentum, the 50 moving average and the signal line slipped under the candlesticks.

As the Bollinger Bands diverged, it showed an increase in uncertainty. The Relative Strength Index confirmed the upward trend by indicating an increase in purchasing pressure. The overall state of the Connection market continued to be incredibly bullish; however, this may be an indication of a trend turnaround on the horizon.

IOTA

Source: IOTAUSD on TradingView

The price of IOTA has been consolidating beyond the $1.29 price range. Although the price has been going sideways, it has been indicating a positive market for a long time since the signal line and 50 moving average have been serving as supports and the price has not broken this stage.

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The coin’s Relative Strength Index showed that it was on the verge of entering the overbought zone. When the RSI rises above 70, the market becomes oversaturated with buyers, and selling pressure can arise to help stabilise the market.

The MACD predictor indicated that market sentiment had shifted to the bull, as the overall altcoin market was experiencing a powerful surge.

Enjin [ENJ]

Source: ENJUSD on TradingView

At the time of publication, the Enjin market was seeing two green bars appear. The price increased after checking help at $1.95; the commodity was trading at $3.30.

Meanwhile, uncertainty had vanished from the ENJ market as the Bollinger Bands converged. The coin’s immediate support was provided by the 50 moving average and signal rows. If the markets experience a pattern reversal anytime soon, the price will cling to the signal line. The RSI indicated that the heavy rally had moved the asset into the overbought sector.

Momentum has also turned in favour of sellers. However, provided that the commodity was still overbought, a reversal in the ENJ market is possible.

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