NFT Tokens Pump After Numerous Exchange Listings

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

  • ENJ is facing resistance at $2.85.

  • MANA has broken out from a symmetrical triangle.

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Chiliz (CHZ) has been decreasing since reaching an all-time high price on March 12. However, it has bounced at the support line of a channel.

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Enjin Coin (ENJ) has been moving upwards since April 23, but has failed to reclaim a crucial resistance area.

Decentraland (MANA) broke out from a symmetrical triangle and validated it as support afterwards.

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CHZ

CHZ has been moving downwards since reaching an all-time high price of $0.94 on March 12. While the token initiated a bounce on April 7, it only managed to create a lower high of $0.84. Another decrease followed afterwards. 

So far, CHZ has reached a low of $0.321, doing so on April 23. 

It seems that the token is trading inside a descending parallel channel, currently being in the lower portion of it. The channel is often considered a corrective movement. Therefore, a movement towards the resistance line at $0.75 or potential breakout would be expected. 

Technical indicators are neutral/bullish, failing to confirm this possibility.

Chart by TradingView

Furthermore, the movement from the lows does seem like the beginning of a new bullish impulse. Therefore, it is likely that CHZ increases towards the resistance line of the channel and potentially breaks out.

Furthermore, CHZ was listed in two exchanges, XT and Bitpanda Pro on April 25 and April 27, respectively. It is possible that these two events aided the price increase.

Chart By TradingView

Highlights

  • CHZ is trading inside a descending parallel channel.
  • It has potentially begun a short-term bullish impulse.

ENJ

ENJ has been moving downwards since April 9, when it reached an all-time high price of $4. The ensuing drop took the token all the way down to $1.69, validating the 0.618 Fib retracement level as support. 

ENJ has been moving upwards since. Despite the bounce, it has failed to reclaim a crucial resistance area, found at $2.85. This is both the 0.5 Fib retracement level (white) of the recent drop and a horizontal resistance area. Until it is successful in reclaiming it, we cannot consider the trend bullish.

Chart By TradingView

The shorter-term six-hour chart shows an ongoing breakout from a descending resistance line. Therefore, ENJ is expected to reach the previously outlined resistance area at $2.85. However, currently, we cannot determine whether it will break out. 

Similarly to CHZ, ENJ was listed on the XT exchange on April 23.

Chart By TradingView

Highlights

  • ENJ is facing resistance at $2.85.
  • It has broken out from a descending resistance line.

MANA

On April 15, MANA broke out from a symmetrical triangle. It proceeded to reach a new all-time high price of $1.67 two days later. 

While it dropped sharply afterwards, the decrease served to validate the triangle as support. 

MANA has been moving upwards since. 

Technical indicators are bullish. The MACD has given a bullish reversal signal and the RSI has crossed above 50. While the Stochastic oscillator has yet to make a bullish cross, it is close to doing so. 

The next resistance area is found at $2.13.

Chart By TradingView

Highlights

  • MANA has broken out from a symmetrical triangle.
  • There is resistance at $2.13.

For BeInCrypto’s previous 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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