NFT Tokens Could Lead Upcoming Rally – ENJ, MANA and CHZ Analysis

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In Brief
  • CHZ is trading inside a descending parallel channel.

  • MANA has broken out from the $0.76 resistance area.

  • ENJ has broken out from a descending resistance line.

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Chiliz (CHZ) has reclaimed the middle of a long-term descending parallel channel and is trading close to the $0.345 horizontal resistance area.

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Decentraland (MANA) has broken out from the $0.76 horizontal resistance area.

Enjin Coin (ENJ) has broken out from a descending resistance line and reclaimed the $1.44 horizontal area in the process.

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CHZ

Beginning on March 12, CHZ has been trading inside a long-term descending parallel channel. The decrease continued until May 23, when the token bounced at the support line of the channel (green icon). The bounce also coincides with the $0.20 horizontal support area.

Since then, it has been trading inside a range between $0.20-$0.345. On July 29, it reclaimed the middle of the channel and is currently making an attempt at moving above $0.345.

Technical indicators are bullish, supporting the possibility that CHZ breaks out. 

If so, it would likely move to the resistance line of the channel at $0.42. In addition to this, parallel channels often contain corrective structures. Therefore, a further breakout from the channel could eventually transpire.

After a long period of consolidation, it reclaimed the midline of the channel and is now attempting to break out from the $0.34 resistance area. 

Doing so would likely lead to an attempt at breaking out above the channel. 

Technical indicators in the daily time-frame are bullish and support the probability of this transpiring.

Chart By TradingView

The CHZ/BTC chart shows that the token has bounced at the 0.618 Fib retracement horizontal support area at 650 satoshis. Afterwards, it broke out from a descending wedge.

Technical indicators are showing bullish signs. The Stochastic oscillator has made a bullish cross, the RSI has moved above 50 and the MACD is nearly positive. 

If an upward movement transpires, the closest resistance area would be at 1250 satoshis.

Chart By TradingView

Highlights

  • CHZ is trading inside a long-term descending parallel channel.
  • It is trading in a range between $0.20-$0.345.

MANA

MANA has been increasing since June 22, when it had reached a low of $0.371. Initially, it struggled to move above the $0.76 resistance are and was rejected. 

However, it resumes its upward movement after creating a higher low on July 20. 

On Aug. 10, MANA managed to break out from the $0.76 area, though it has yet to reach a close above it. Nevertheless, technical indicators support the continuation of the upward movement towards the next resistance area at $1.02.

Chart By TradingView

The MANA/BTC chart shows that the token has reclaimed the 1600 satoshi area after initially falling below it. 

After it was rejected by a descending resistance line, it returned to the 1600 satoshi area once more, validating it as support. It has currently begun to bounce towards the resistance line, which is at 2000 satoshis. 

Technical indicators provide a fairly neutral outlook. Therefore, until a breakout from this line transpires, the trend cannot be considered bullish. 

Chart By TradingView
 

Highlights

  • MANA has broken out from the $0.76 horizontal resistance area.
  • MANA/BTC is following a descending resistance line.

ENJ

ENJ has been moving upwards since it created a higher low on June 22. On July 25, it broke out from a descending resistance line and validated it as support the next day. 

Afterwards, it proceeded to reclaim the $1.45 horizontal resistance area. 

If it continues increasing, the next closest resistance area would be at $1.95. 

Technical indicators are bullish, supporting the continuation of the upward movement.

Chart By TradingView

Similarly, the ENJ/BTC pair also shows a breakout from a descending resistance line. While the token validated it as support on July 20, it has yet to initiate a significant upward movement.

If one transpires, the closest resistance would be at 5050 satoshis. However, technical indicators are relatively neutral, failing to confirm the possibility of an upward movement.

Chart By TradingView

Highlights

  • ENJ/USD and /BTC have broken out from descending resistance lines.
  • There is resistance at $1.95 and 5050 satoshis, respectively.

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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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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