ENJ And CELR Bounce At Support While ALGO Gets Rejected

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In Brief
  • ALGO has potentially created a double top pattern.

  • CELR is following a descending resistance line.

  • ENJ is following an ascending support line.

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Algorand (ALGO) has potentially created a double top pattern.

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Celer Network (CELR) has bounced at the 0.618 Fib retracement support. However, it is still following a descending resistance line.

Enjin Coin (ENJ) has bounced at an ascending support line but has not shown significant strength.

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Algorand (ALGO)

On Feb. 12, ALGO reached a high of $1.84. This was made right at the long-term $1.85 resistance area. It created a long upper wick and was the catalyst for a retracement. 

After some consolidation, the token made another attempt at moving upwards. However, the second rally was even weaker, ending with a high of $1.79 on April 17. This created what is known as a double top pattern. Furthermore, it was combined with a bearish divergence in the RSI.

Therefore, it is possible that ALGO will continue decreasing towards the next support level at $0.85.

Highlights

  • ALGO has created a double top pattern.
  • There is long-term resistance and support at $1.85 and $0.85, respectively.

Celer Network (CELR)

CELR has been decreasing since reaching an all-time high of $0.103 on March 28. The decrease continued until April 20, when the token reached the 0.618 Fib retracement support at $0.047. 

Once it got there, it initiated a bounce, which has been weak so far. Furthermore, technical indicators fail to confirm the possibility of a reversal. 

Finally, CELR is still following a descending resistance line, which is currently near $0.07. Until it manages to break out from this line, the trend is considered bearish.

Highlights

  • CELR has bounced at the 0.618 Fib retracement support.
  • It is following a descending resistance line.

Enjin Coin (ENJ)

ENJ has been decreasing since April 9, when it reached an all-time high price of $4. The same day, it created a shooting star candlestick

The drop took it all the way down to a low of $2.15, validating an ascending support line. However, the ensuing bounce has been weak. Furthermore, technical indicators are bearish. 

Therefore, it is possible that ENJ breaks down from this line. If so, the next support area would be found at $1.73.

Highlights

  • ENJ has bounced at an ascending support line
  • Technical indicators are bearish.

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

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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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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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