Enjin Coin (ENJ) Drops Considerably After Reaching New All-Time High- Biggest Weekly Losers

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In this arti­cle, BeIn­Cryp­to takes a look at the sev­en alt­coins that increased the most last week, more specif­i­cal­ly from Nov 26 to Dec 3.

These alt­coins are:

  1. Gala (GALA) : ‑19.84%
  2. Hive (HIVE) : ‑19.51%
  3. Storj (STORJ) : 19.38%
  4. WAX (WAXP) : ‑16.17%
  5. Immutable X (IMX) : ‑15.29%
  6. Enjin Coin (ENJ) : ‑15.21%
  7. Zcash (ZEC) : ‑13.44%

GALA

GALA has been mov­ing down­wards since Nov 26, when it reached an all-time high price of $0.84. This was the cul­mi­na­tion of a 16-day upward move­ment with a mag­ni­tude of 1045%. Since then, GALA has decreased by 36%. 

How­ev­er, the token is approach­ing the $0.46 sup­port, which is the 0.5 Fib retrace­ment sup­port level. 

If the area fails to ini­ti­ate a bounce, there would be even stronger sup­port at $0.36, cre­at­ed by both a hor­i­zon­tal sup­port area and the 0.618 Fib retrace­ment sup­port level.

Chart By TradingView

HIVE

HIVE reached a new all-time high price on Nov 26. After a drop, it ini­ti­at­ed anoth­er upward move­ment. How­ev­er, it failed to reach its pre­vi­ous highs and cre­at­ed a low high on Nov 30 (red icon). This is con­sid­ered a bear­ish sign since the price did not have enough strength to reach its pre­vi­ous highs. 

How­ev­er, HIVE is approach­ing the 0.5–0.618 Fib retrace­ment sup­port area between $1.73 and $2.05, an area which is like­ly to ini­ti­ate a bounce.

Chart By TradingView

STORJ

On Nov 19, STORJ broke out from a descend­ing resis­tance line. After­wards, it returned to val­i­date it as sup­port three days lat­er (green icon). 

After­wards, it began anoth­er upward move­ment, which led to a high of $3.51 on Nov 27. How­ev­er, the token was reject­ed by the $3.30 hor­i­zon­tal resis­tance area and fell. This if the final resis­tance pri­or to a new all-time high price. 

There­fore, a break­out above it could lead to an accel­er­a­tion of the upward movement.

Chart By TradingView

WAXP

WXP has been decreas­ing since Nov 17, when  it reached a new all-time high price of $0.99. So far, it has fall­en by 39%. 

On Nov 30, it broke down from an ascend­ing sup­port line and fur­ther accel­er­at­ed its rate of decrease. 

The clos­est sup­port area is at $0.485. This is the pre­vi­ous all-time high resis­tance area, which is now expect­ed to act as support.

Chart By TradingView

IMX

IMX has been decreas­ing inside a descend­ing wedge since Nov 26. The wedge is con­sid­ered a bull­ish pat­tern, mean­ing that an even­tu­al break­out from it would be likely. 

On Dec 2, the token bounced at the sup­port line of the wedge, which coin­cid­ed with the 0.618 Fib retrace­ment sup­port area. The con­flu­ence of sup­port lev­els strength­ened the valid­i­ty of the bounce. 

If IMX breaks out, the next clos­est resis­tance would be at $8.25.

Chart By TradingView

ENJ

ENJ has been decreas­ing since Nov 25, when it reached a new all-time high price of $4.84. So far, it has fall­en by 31%. 

How­ev­er, it bounced on Dec 3 (green icon), val­i­dat­ing a long-term ascend­ing sup­port line.

As long as the ascend­ing sup­port line is in place, the bull­ish struc­ture remains intact.

Chart By TradingView

ZEC

On Nov 21, ZEC broke out from an ascend­ing par­al­lel chan­nel. How­ev­er, it failed to clear the $270 resis­tance area, which is cre­at­ed by the 0.618 Fib retrace­ment resis­tance level. 

ZEC devi­at­ed above the resis­tance before falling back below it once more. 

How­ev­er, the token bounced on Dec 2, val­i­dat­ing the chan­nel as sup­port (green icon). There­fore, it is pos­si­ble that it will soon make anoth­er attempt at break­ing out.

Chart By TradingView

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.

Disclaimer


All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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