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The ENJ showed signs of a slight drawback from the record stage. EOS was once again refused at 38.2% Fibonacci standard. Gains on Polkadot were capped at $38.23 in resistance and low volatility meant that an upward breakout was unlikely in the short term.
Enjin Coin [ENJ]
Ignoring bearish cues from the wider altcoin market, Enjin Coin has climbed a remarkable 42 per cent in the last 24 hours and priced at its ATH press time. Gains over the last 30 days now amount to an astounding 345 percent and come at a time when much of the other altcoins have been consolidated on their respective indexes.
The MACD line continued to rise well above the signal line, while the histogram reported a clear bullish momentum. However, the RSI indicated a crowded demand and signalling a pullback. The Doji Candlestick on the 4-hour timeframe even warned about the correction. Such a scenario will definitely see ENJ fall to its first line of protection at $2.25.
The 38.2 percent Fibonacci retracement level was $4.1 for EOS, and a leap towards this point was met with fast rejection by the sellers. The sale over the last 24 hours has seen the price move down to the 23.6 percent mark. The RSI weighed down from the over-purchased area and began its decline at the time of writing as the bulls lost hold of the economy. The red bars of the Amazing Oscillator were on the brink of going below the half-line.
The current stage has acted as a solid basis for EOS in its effort to rebound, and the same should be predicted to go on as well. Once again, a break through the overhead resistance will depend on the bullish signals of the market leaders.
Resistance at $38.23 was a daunting upper ceiling, as returns on the world’s fifth-largest cryptocurrency, Polkadot, were effectively limited at the above-mentioned peak, while the market bounced back from $28.67 support. At the time of publication, the Bollinger Bands were constricted and displayed low uncertainty as the market ranged between $38.23 and $35.08. The ADX Tracker has moved flat from just above the 10-point level and has displayed a poor price pattern.
Consolidation between the current channel may be called a bullish creation, as the market was just 15% off its local high of more than $42. During the next sessions, a 24-hour trading volume can be observed with an upward breakout from the channel.