Chainlink, MATIC, Enjin Price Analysis: 19 June
Most altcoins saw their prices head south after BTC’s price fell considerably, with the total altcoin market cap undergoing a bearish trend. As Bitcoin fell by almost 5% in the last 24 hours, at press time, Chainlink and Polygon (MATIC) saw 6.44% and 4.9% dips. Enjin too saw a 5.39% price fall over the said period, however, its 7-day price was up by 7.16%.
Chainlink was in the news recently after it announced that it will be a matching partner in Gitcoin Grant Round 10.
Chainlink [LINK]Source: LINK/USD – TradingView
Chainlink, the market’s 15th ranked coin, saw an almost 13.9% price fall in just two days. The alt’s price noted minor gains on 17 June, following which, its price fell and tested the $21.5-mark. LINK’s price clung to the support at $21.5, at press time, testing it multiple times.
Amid recent updates for the coin, algorithmic stablecoin Fei Protocol recently upgraded its oracle mechanism to Chainlink’s ETH/USD price feed. However, this development didn’t reflect in the alt’s price movement and a downward price trajectory was seen for the asset.
The Squeeze Momentum pictured displayed a bearish trend for LINK, however, the appearance of a squeeze release suggested the easing of the trend. This could reverse its bearish momentum in the near future.
The Relative Strength Index for the asset was in the oversold zone and noted a reading of 27.6, at press time. What’s more, dominant selling pressure for the alt was pushing the price down too. Recovery from the oversold zone could push the asset price up.
Polygon [MATIC]Source: MATIC/USD – TradingView
MATIC, at the time of writing, highlighted slight gains as seen by the appearance of green bars. However, the recovery was not significant as the bearish momentum was still persistent, as depicted by the Parabolic SAR’s dotted lines above the candlesticks on a 4-hour chart for the asset.
After briefly testing the support at $1.31, MATIC’s price showed slight gains. The alt was trading at $1.38 at press time and was down 45.32% from its ATH, with a breakeven multiple of 1.83. If MATIC’s price continued to recover, it could test the key resistance at $1.69.
Capital inflows for the asset were balanced at press time, according to Chaikin Money Flow. However, outflows still outnumbered inflows as the indicator remained below the zero line.
Further, the Average Directional Index (ADX) was above 25.0 and highlighted a directional market and the presence of a prominent trend. If ADX holds above 25 for long, price gains for MATIC can be expected.
Enjin Coin [ENJ]
Enjin Coin, ranked 69 on CoinMarketCap, was trading at $1.27 at press time with a 24-hour price dip of 6.77% and a 7-day price hike of 8.50%. On the 4-hour chart for ENJ, the Parabolic SAR’s dotted lines above the candlesticks highlighted a bearish trend. However, its price did see some gains as shown by the appearance of a green candlestick, at the time of writing.
The Relative Strength Index (RSI) noted a reading of 36.8, at press time, and was in the neutral zone. However, the indicator’s uptick highlighted that even though selling pressure was dominant, buying pressure was sharply creeping in for the asset.
Further, the Awesome Oscillator for the alt pointed to dominant bearish momentum as the indicator had red bars below the zero line. Enjin Coin’s key support and resistance levels were at $1.16 and $1.68, respectively. The alt had tested its support level on 8 June and 12 June, after which its price did see slight gains.
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This article was first written on yusmid.com