Technical Analysis: Enjin and Decentraland

Both bearish and bullish scenarios for Enjin and Decentraland.

enjin decentraland

The latest price movements and possible scenarios for Enjin Coin (ENJ) and Decentraland (MANA).

ENJIN Technical Analysis

Most Likely Scenario: Bullish

  • Uptrend / Higher Highs & Lows.
  • Broken the bullish flag pattern.
  • The 2.4000 USDT level holds the price from a move to the downside.

Least Likely Scenario: Bearish

  • Potential Bearish Flag formation.
  • 61.8% Fibonacci retracement.
  • Break and close below the 1.9650 USDT, the bullish scenario will be invalidated

Decentraland (MANA) Technical Analysis

Most Likely Scenario: Bullish

  • Price faced strong resistance around the 1.1813 USDT level.
  • A lower correction is expected.
  • Buyers might ride the trend again around the 1.0058 USDT level.

Least Likely Scenario: Bearish

  • The expected correction might turn to be a bearish channel.
  • The potential of a Double Top formation.
  • A break and close below the 0.8008 USDT level will invalid our bullish scenario.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia