EOS showed bullish strength behind its retake
of the 38.2% Fibonacci level. IOTA continued to trade within a horizontal
channel, while ENJ was in danger of losing out to its press time support.The Awesome
Oscillator on EOS showed momentum behind the buying side as the price attempted to rise
above the 50% Fibonacci retracement level. With losses over the last 30 days now amounting
to over 9%, the current price movement was a crucial development for the bullish side. A successful breakout would also see EOS trade
above the $4.4 mark, a level not seen for nearly a month now. The RSI pointed north from above 60 and showed
bullish strength in the market. Some skepticism was added to the mix as the
trading volumes were largely muted at press time. This worked against a breakout prediction. An ADX reading of 10 showed a lack of trend
for IOTA as the price continued to trade between $1.43 and $1.27. While the press time price level was bullish
and closer to the upper trendline, a reversal towards the bottom trendline was expected
in a horizontal channel.
The Stochastic RSI already indicated some
overbought conditions as the index touched the upper region. Traders looking to capitalize on the rangebound
movement can sell on resistance and buy on support. However, the bulls must be wary of a move
below the lower trendline, a level that coincided with the 200-SMA (green). The next line of defense at $1.73 would be
in focus in a bearish scenario. The OBV formed lower lows and signaled buying
exhaustion for Enjin Coin even before the price snapped its ATH at above $3.1. The last few days have seen ENJ move below
$2.43 support, regain the aforementioned mark, and move southbound once again.
A bearish twin peak setup on the Awesome Oscillator
saw the red bars move below the half-line and suggested that the price could lose out
to its press time support. Such a move would likely highlight the next
support levels at $2.20 and $1.92..