Enjin Coin, Harmony Coin, IOTA Price Analysis: 05 March

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Despite recov­er­ing from the tur­moil of the Ukraine con­flict, the bears seemed to be influ­enc­ing the mar­ket. The likes of Enjin, Har­mo­ny, and IOTA give sim­i­lar indications.

Enjin Coin (ENJ)

Source: Trad­ingView, ENJ/USD

ENJ fol­lowed a down­trend since mid-Feb­ru­ary as the strength index hit rock bot­tom. The cri­sis in Ukraine was a potent fac­tor behind the rapid sell-off. How­ev­er, ENJ gained crit­i­cal sup­port at the $1.19 lev­el on 24 Feb­ru­ary, fol­low­ing which the coin moved up the chart. 

A favor­able buy­ing strength helped ENJ move up to meet a resis­tance near the $1.56 lev­el on 1 March. How­ev­er, the bears exert­ed pres­sure. Con­se­quent­ly, the alt breached the trend­line sup­port (yel­low trend­line) and declined once again. It retest­ed the pre­vi­ous sup­port lev­el at $1.34 and was trad­ing at $1.38 dur­ing press time. 

The RSI recov­ered momen­tar­i­ly over the past one hour from being over­sold and hov­ered at 46.57, at the time of writ­ing. How­ev­er, if the over­all bear­ish momen­tum con­tin­ues, ENJ could retest the $1.19 lev­el again and might as well go down further. 

Har­mo­ny (ONE)

Source: Trad­ingView, ONE/USD

After break­ing down from the $0.19 mark, ONE lost almost half of its val­ue before plum­met­ing to a five-month low on 24 Feb­ru­ary. How­ev­er, after gain­ing sup­port at the $0.13 lev­el, it bounced up.

Fur­ther­more, the coin reached resis­tance at $0.16 on 26 Feb­ru­ary and has been trad­ing between $0.16 and $0.13 since. Over the last week, it dropped by 6.7%. The imme­di­ate sup­port lev­el at $0.13 has been retest­ed twice over the last week. Dur­ing press time, ONE was trad­ing at $0.14, gain­ing 0.51% over the pre­vi­ous day. 

The RSI at 42.50 recov­ered from the over­sold area over a few hours due to a momen­tary spurt in buy­ing strength. How­ev­er, the CMF was still under the zero line. Thus, indi­cat­ing an over­all bear­ish direc­tion­al momen­tum. Fail­ure to main­tain the buy­ing strength might move the coin even low­er on the price chart.

IOTA

Source:  Trad­ingView, MIOTA/USD

Sim­i­lar to the afore­men­tioned coins, IOTA wit­nessed a down­trend from the $1.03 mark How­ev­er, it gained crit­i­cal sup­port at $0.63 on 24 Feb­ru­ary. Inter­est­ing­ly, it quick­ly recov­ered as the buy­ing sup­port kicked in, thus reach­ing resis­tance at $0.79 level.

Over the past cou­ple of days, IOTA broke the trend­line sup­port (yel­low line) and head­ed for a south­ward jour­ney. It retest­ed the imme­di­ate sup­port at the $0.71 lev­el. The RSI indi­cat­ed a bear­ish direc­tion­al momen­tum at 39.03 which could con­tin­ue for­ward. Even the AO went beneath the zero line indi­cat­ing the same. The coin was trad­ing at $0.72 at press time. 

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