As overall sentiment improved over the past few hours, SAND and Enjin Coin witnessed a patterned breakout. However, they still need to back up their rallies with more volume. Furthermore, Cardano has reclaimed the $1.02 mark while still struggling with its 20 EMA.
Cardano (ADA)
Source: TradingView, ADA/USDT
The recent ascending channel (yellow) broke out of the two-month resistance at $1.59. ADA saw a 44.02% drop (from January 18) to a nine-month low on January 22. As a result, alt fell below EMA Ribbon and even lost the important $1.02 mark.
Since channel reduction, 20 EMA has been a solid drag for alt. Over the past few days, the bulls have reclaimed the $1.02 mark (immediate support) as they started to recover.
At press time, ADA is trading at $1,063. The RSI saw a 20-point gain after breaking the falling wedge. Accordingly, it crosses the 44 line and the eye to check the half line. The Volume Oscillator has been on a downtrend for the past two days. It needs to increase its volume to confirm a strong resurgence.
Sandbox (SAND)
Source: TradingView, SAND/USDT
The SAND bulls failed to sustain the $4.44 mark as support after the bears continued to test it multiple times. Alt saw a 63.41% retracement (from December 26 high) until hitting a two-month low on January 22.
Since then, it formed a bearish channel on the 4-hour chart. Then, as the alt recovered, it had an ROI of over 22% from the Jan. 24 low. As a result, it saw a breakout down the channel.
At press time, alt trades on 20-SMA (red) at $3,2462. The RSI increased more than 38 points in the past four days. Accordingly, it crosses the halfway line to represent an uptrend. However, recent candlesticks have marked lower highs on Volume Oscillatorindicating a weak upside move.
Enjin Coin (ENJ)
Source: TradingView, ENJ/USDT
After breaking the channel, the alt saw an impressive 51.75% rally until hitting a three-week high on Dec. 27. While the $3.08 mark is a stiff resistance, it has been decreasing since then.
As the bears continue to increase the pressure, the resistance level begins to drop. The recent sell-off caused ENJ to lose more than 43% of its value and hit a 4-month low on Jan. 24. Over the past few days, ENJ has seen a patterned breakout as it attempts to test the $1.70 mark.
At the time of writing, alt trades at $1,675. Like SAND, ENJ’s RSI has managed to stay above the balance with recent gains. To top up, DMI the last lines made a bullish crossover.