Hi all,
Now that BTC has slowly made some moves in the direction of higher prices we see some altcoins to move further up as well. Enjin has been in an downtrend for a while a pretty good bounce up to $2.18 a few weeks ago after which it dropped back to as low as $1.30 ranges which also works as a very strong support (see the green bar over the width of the chart)
Now, the reason I am bullish on Enjing is because the chart is clearly showing some bullish signals:
1) The price on the DAILY timeframe has formed a falling wedge, which is bullish
2) The RSI has showed bullish divergence (price goes down, RSI moves up)
3) The MACD lines showed a bullish cross on the D chart as well.
We already see Enjin pushing out some green candles with the 50D MA coming up (red line) which it will face around $1.60. As soon as it passes that resistance I believe prices can be seen in the $2 range again. I will certaintly keep an eye on how the chart continues the develop.
#notfinancialadvice
Now that BTC has slowly made some moves in the direction of higher prices we see some altcoins to move further up as well. Enjin has been in an downtrend for a while a pretty good bounce up to $2.18 a few weeks ago after which it dropped back to as low as $1.30 ranges which also works as a very strong support (see the green bar over the width of the chart)
Now, the reason I am bullish on Enjing is because the chart is clearly showing some bullish signals:
1) The price on the DAILY timeframe has formed a falling wedge, which is bullish
2) The RSI has showed bullish divergence (price goes down, RSI moves up)
3) The MACD lines showed a bullish cross on the D chart as well.
We already see Enjin pushing out some green candles with the 50D MA coming up (red line) which it will face around $1.60. As soon as it passes that resistance I believe prices can be seen in the $2 range again. I will certaintly keep an eye on how the chart continues the develop.
#notfinancialadvice