While the cryptocurrency market has not yet decided on its direction, some altcoins have made significant jumps from the support point. THETA is trading within a descending parallel channel. CHZ made a recovery from the $0.21 support level. ENJ is witnessing a breakout period for its investors.
CHZ has been trading in a descending parallel channel since hitting an all-time high on March 12. The downtrend continued until May 23, when $0.16 was seen. CHZ has not seen this critical level again since the sighting of $0.16.
Chiliz made a significant bounce from the $0.21 support level to as high as $0.33. However, the continuation of the market consolidation prevented the acceleration. Although technical indicators show an upward trend, the price action has not yet met the expectation. CHZ must approach the $0.40 levels for the trend to be confirmed as bullish. The CHZ/BTC pair is trending slightly higher than the USD. The main reason for this is that CHZ has formed a descending wedge pattern that is considered to be an uptrend. Chiliz is trading at $0.26 as of the writing of this article.
The popular cryptocurrency THETA has been following a downtrend since reaching an all-time high of $15.88 on April 16. THETA, following a descending parallel channel after ATH history, has been moving upwards since May 19, when it jumped from the support line. THETA may be on the verge of a breakout.
Technical indicators support the possibility of a breakout, while the Stochastic Oscillator confirms the uptrend. The RSI has climbed above 50 and the MACD is approaching the positive zone. The key resistance point in front of THETA was recorded at $14.5. The popular crypto currency is trading at $ 9.87 as of the writing of this article.
Enjin Coin (ENJ)
ENJ hit an all-time high on April 9, reaching $4. ENJ, which started to decline with the downward shift of the general trend of the crypto money market, declined to $ 0.73 on May 23. Having bounced up from this date, ENJ has built a support area at $1.16.
Bounced up from the $1.16 support level, the key resistance levels ahead of ENJ are $1.98 and $2.75. Technical indicators support the breakout scenario. The Stochastic Oscillator confirmed the bullish trend. MACD and RSI confirm the uptrend.