XRP, Ethereum Classic, Enjin Price Analysis: 23 August

Altcoins such as XRP, Ethereum Classic and Enjin weren’t quick to mirror Bitcoin and Ethereum’s upward trend. These altcoins continued to display signs of consolidation. XRP failed to test the $1.31 immediate resistance mark, ETC’s movement remained sandwiched between $71.96 and $65.48 respectively. Enjin had recorded a multi-month high recently, however, its uptrend was disrupted as it only noted a 0.5% increase in the last 24 hours. 

XRP

XRP rose by only 0.4% over the last 24 hours and was trading at $1.28. The alt fell short of its immediate resistance at $1.31 as buying strength had remained low over the past trading sessions.

Relative Strength Index, at press time, however, noted a resurgence of buying strength and stood near the 50-mark, within the bullish territory. 

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

Awesome Oscillator flashed a bullish signal, with a strengthened uptrend owing to a rise in buying pressure. XRP could topple $1.31 and $1.36 resistance marks respectively.

MACD noted the onset of bullish price action as it flashed a green bars on its histogram, after a bullish crossover. In case XRP’s uptrend is halted, the support lines rest at $1.20 and $1.06. 

Ethereum Classic (ETC)

ETC/USD, TradingView

ETC’s movement on the chart remained sideways with a gain of 0.5% over the last 24 hours. The altcoin’s price oscillated between $71.96 and $65.48. It was trading for $68.57, at press time.

ETC’s technical indicators pointed towards a probable positive price action. A buy signal was noted on Awesome Oscillator, as it displayed growing green bars underlining chances of an uptrend.

ADVERTISEMENT

The Relative Strength Index also remained in the bullish zone above the half-line. Bollinger Bands, however, displayed contrition implying that ETC’s prices could remain rangebound over the next trading sessions. 

In case ETC’s consolidation breaks and falls below the current price level, the support lines await at $65.48 and $56.44. 

Enjin (ENJ)

ENJ/USD, TradingView

Enjin observed a 0.5% gain over the last 24 hours, as the coin stood at a multi-month high of $1.90. Technicals for ENJ remained bullish. If the alt manages to sustain its uptrend over the next trading sessions, it could attempt to test $2.00, a level it last touched on 26 May. 

Awesome Oscillator observed growing green bars suggesting upward price action in the market. Parabolic SAR also just noted a dotted line below the candlesticks, which affirmed the aforementioned statement regarding an uptrend. 

Buying pressure for Enjin mounted, as Relative Strength Index stood inside the overbought territory. A corrective price pullback remains a possibility, in case of which, ENJ would fall on $1.77 and $1.52.