Although the fear in the market has eased, altcoin bulls have failed to gather enough volume to make a strong trend change. Analyst Yash Majithia shared his analysis of SOL, ETC, MANA, ENJ, EOS altcoins.
According to the analyst, SOL price gave signs of relaxation after touching the $187 level. Ethereum Classic and Decentraland prices, on the other hand, experienced a solid recovery throughout the week, but the overall directional trend remained weak.
Solana price, which is experiencing a V-shaped recovery wave, formed an ascending triangle formation on its 4-hour chart. According to the analyst, the altcoin has gained 25.61% since its low on December 13 and has found support at the 50SMA (red) point for the past week. The analyst also thinks that the low tops in the volume oscillator point to a weak bullish move. At the time of this writing, the SOL price is trading at $184.84. According to the analyst, although the RSI indicator seems to be in favor of the bullish, it gave slight weakening signals. In addition, the analyst thinks that while the DMI indicator is in bullish favor, the ADX exhibits a rather weak directional trend.
Ethereum Classic (ETC)
ETC price has been in a continuous downtrend since November 10 and has lost 44% of its value. With this decline, the price of the altcoin fell below the $36 support point on its long timeframe chart. According to the analyst, although the price of ETC has risen above the 20-50 SMA indicators with the latest bullish move, the resistance at $ 36 still exists. At the time of this writing, the ETC price is trading at $35.8. According to the analyst, the RSI indicator hit a one-month high on December 22. In addition, the analyst noted that the AO indicator formed a bullish twin top and broke above the zero line. The DMI indicator also turned in favor of the bullish, while the ADX indicated a weak directional trend. According to the analyst, the last bullish move took place in relatively lower trading volumes and stood out as a weak move.
The altcoin price managed to defend the 1-month support level of $3.11 during the overall crypto market downturn. As a result, MANA price entered a six-day bullish move and broke above the 50SMA (blue) level after rising 13.2%. According to the analyst, this level has been acting as a resistance since the beginning of this month and has now become a support point. At the time of this writing, the MAA price is trading at $3.33, 43.1% lower than its all-time high price record. According to the analyst, the RSI indicator hovered around 55 and gave signs of relaxation. However, according to the analyst, the DMI was in favor of the buyers, while the ADX indicator signaled a rather weak directional trend.
EOS price, which broke out of its triangular movement for the past few days, managed to overcome the barrier at $3.09. However, the analyst thinks that the $3.5 level is still a strong resistance for altcoin bulls. Although EOS price has been trading higher troughs since Dec. 4, the OBV indicator has remained flat, indicating a relatively weak bullish move. At the time of this writing, the altcoin is trading at $3.32. The RSI indicator remained above the midline as it moved sideways. In addition, the DMI indicator is also bullish, while ADX hints at a weak directional trend for EOS.
Enjin Coin (ENJ)
Unlike many cryptocurrencies, ENJ price gained 305.59% in its 64-day rally that started on September 23 and hit its all-time high on November 25. However, following this development, the altcoin's price dropped more than 45% in its downside channel. Currently, the altcoin has turned its 25-day resistance at the 50SMA (red) point into support, as the ENJ price broke out of its descending channel. According to the analyst, the point where the bears can retest could be the $2.56 level. At the time of this writing, ENJ price is trading at $2.61. On the downside, the RSI indicator has turned bearish from the overbought zone. However, the analyst thinks that the DMI and MACD indicators are in favor of the bullish. The ADX indicator, on the other hand, pointed to a slightly weak directional trend.