Enjin Coin, EOS, Litecoin Price Movement Analysis: 01st March 2021

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts.

Enjin Coin [ENJ]

Enjin coin saw its price rise in the past day’s time as it heading past a key resistance and currently trades at $0.672. If a trend reversal were to take place the coin would soon be heading towards the support at 0.43. However, such a move seems unlikely at the moment given the present market conditions.

The EMA ribbons have settled below the coin’s price and are likely to offer support if the price were to take a hit. The Stochastic indicator is quite close to the overbought zone and may help the coin with regard to further price discovery.



Source: EOS/USD, TradingView

The On Balance Volume on EOS portrayed a lack of purchase pressure after the index struggled to pick up a crypto asset decline to $3.5 support on the charts. The declining channel also established on its 4-hour chart, as the price had lowered the highs and lowered the lows in the previous sessions. The Amazing Oscillator used consecutive green bars as momentum settled on the purchasing line.

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However, the break-up may rely to a large degree on the course of the wider market going forwards. Traders could wait for a breakout confirmation before taking up a place to purchase or sell.

Litecoin [LTC]

Source: LTC/USD, TradingView

Losses in the last seven days amounted to more than 25% as Litecoin represented a wider investor sentiment. On its 4-hour chart, the 200-SMA (green) looked primed to cross over the 50-SMA (black) in the coming sessions. If there is a crossover, LTC could take more losses and shift towards a high level of support of $123.

The ADX Indicator pointed down from the 35-level and indicated that the downtrend was losing power. The MACD line went over the signal line, while the green bars on the histogram rose. What remains to be seen is whether the buyers will make up for the bearish forecast set by the moving averages.

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