Price Analysis: Cardano and Enjin Gain Double-digits, Check Next Resistance Level
Cardano, at the moment, was changing hands at $1.34 after sustaining its market value above the crucial price level of $1.30. Over the last 24 hours, ADA had gained above 10% and was eyeing its next resistance mark. The recovery seen across the crypto industry has pushed altcoins up the charts. Enjin was priced at $2.63 after it soared by 10.1% in the past day. A look at the technical indicators will determine the next trading levels that Cardano and Enjin will attempt to topple over next.
Cardano/ADA/USD Four-Hour Chart
Cardano’s prices had witnessed a pullback from the 78.6% Fibonacci level. The immediate resistance mark for ADA awaited the coin at $1.63 and then at $1.75. The local support level of the coin was at $1.30.
Over the last week, Cardano had encountered resistance at the 38.2% Fibonacci level, which still acted as the coin’s strong price resistance. All near-term technicals have continued to point at bullish price action in the market.
On the Relative Strength Index, the indicator was seen at the 75-mark. However, there was a small downtick on the indicator at press time. This is the second time this month that RSI touched the overbought zone due to the coin’s overvalued conditions.
The Directional Movement Index preferred the bulls with the +DI line above the -DI line at the time of writing. Chaikin Money Flow was also positive as capital inflows took over capital outflows due to a surge of buyers in the market.
ENJ/USD Four-Hour Chart
Enjin traded 10% higher than yesterday at $2.63, with its immediate price resistance at $3.22 at press time. After registering a sharp pullback from the 78.6% Fibonacci level and then at the 38.2% Fibonacci level, the price action of Enjin remained quite lateral and mundane.
The bulls’ push due to broader market strength has caused ENJ to secure double-digit gains over the last 24 hours. If buying strength remained consistent with no immediate profit-taking, the ENJ, after toppling the $3.22 mark, might target the $3.83 resistance level.
Enjin was overbought. As seen on the Relative Strength Index, the indicator was placed at the 75-mark. The Directional Movement Index also sided with the bulls as +DI moved over the -DI line.
On Balance Volume had risen considerably since November, over the last 24 hours, it remained stable, indicating a consistent buying strength of the market.Source