Ravencoin, Enjin Coin, and Theta – Looking At The 2020 Potential [Premium Analysis]

All three coins have been accumulating inside a confined range for periods of longer than 100 days and have made at least one attempt at breaking out from this range. Swing crypto trader Yaz outlined the prices of Theta, ENJ, and RVN, stating that they all have the potential for massive gains in 2020. https://twitter.com/YazCrypto/status/1212757333497057280 Let’s analyze each of them individually and come to a verdict on their future price potential.

Ravencoin

Based on its market capitalization, Ravencoin is ranked #39. The Ravencoin price has been trading inside a range of 300-460 satoshis since August 9. While inside it, it has initiated two upward moves towards the range high, beginning on September 25 and December 1, respectively. Both movements failed to breakout above the resistance, and the price has returned to the bottom of the range since. The first movement was preceded by a breakout above a descending resistance line. Afterward, the rate of increase accelerated once the price moved above the 50-day moving average (MA).  Currently, the price is attempting to move above the 50-day MA, meaning that if the price acts similarly to how it did in October, we could soon see a move towards the range high. During the 2019 upward move, the price accumulated for 113 days prior to breaking out. In the current movement, it has been accumulating for 176 days. Due to this time disparity, which suggests the ensuing move could be even stronger,  we could definitely see a move towards 800-900, as stated in the tweet, and possibly higher towards the all-time high of 1650 satoshis. You can view or previous analysis on Ravencoin here.

Theta

Theta is ranked #54 by market capitalization. The Theta price has been trading above a support area of 1000 satoshis for the past 188 days but has not validated a clear resistance area. The accumulation period began once the price reached the 1000 satoshi support in July. The RSI has been generating bullish divergence for the entire period. Near the end of 2018, the price was trading in a similar range for 149 days, before breaking out and reaching a high of 4500 satoshis. This movement was also combined with a bullish divergence in the RSI, as has been the case currently. The first target after the breakout would be at 1800 satoshis while the second at 2600 satoshis. While the price could reach a high of 4500 satoshis, especially if it continues accumulating for a longer period before breaking out, that seems to speculative to make a current prediction at the present time.

Enjin Coin

Enjin coin is ranked #63 based on its market capitalization. The ENJ price has been trading between 500 and 1000 satoshis for 140 days. The previous time the amount traded in the same range for 196 days before breaking out. Out of the three coins analyzed, ENJ is the only one that has been accumulating for a shorter time relative to the same movement in 2018. If the price accumulates for 196 days, it will break out on February 24, 2020. The RSI has not generated bullish divergence nor is it oversold. The likeliest target is found at 3000 satoshis, both the 0.5 fib level and the high of the 2018 upward movement. For our previous ENJ analysis, click here.

Conclusion

Out of the three coins, RVN seems likely to be the first one to move upwards. On the contrary, ENJ might take the longest to break out since it has been trading in a range less than the previous time, and there is no bullish divergence in the RSI, nor is it oversold. The minimal targets for the three coins for 2020 are as follows:

• Ravencoin – 900 satoshis
• Theta – 2700 satoshis
• Enjin Coin -3050 satoshis