Enjin, NEO, and Wanchain prices are struggling inside last week’s zone. However, WAN/USDT, NEO/USDT, and ENJ/USDT could rise to $2.6, $150, and $, respectively.
The project is one of the first smart contracting after Ethereum, and it took off in China. It might be a little differentiated from Ethereum and most platforms. However, NEO prices posted incredible gains in the last five months.
At spot rates, the NEO price is up 4.6X year-to-date, even with the contraction across the board. Technical candlestick arrangement– boosted with upcoming developments–places bulls at the fore.
It is why most NEO investors expect more gains and a possible new 2021 highs by the end of the year.
As of writing, NEO is changing hands at around $55, shedding six percent on the last day, dropping 12 percent week-to-date versus the greenback.
Trading volumes are steady at $859 million. However, it is at near break-even week-to-date against ETH and BTC.
NEO/USDT Technical Analysis
Across the crypto market, sellers are in charge.
NEO is no exception.
From the daily chart, NEO/USDT is trading within a bear breakout pattern, slipping below the middle BB.
Besides, NEO prices are within the May 19 bear bar, signaling pressure from an Effort-versus-Results perspective.
Buyers stand a chance if prices edge past $90—or May 19 highs—with increasing trading volumes. In that case, NEO may reach $150—or Q1 2021 highs—in a bull trend continuation.
On the reverse side, sharp losses below $35—May 2021 lows–may see NEO crater to $20 and $10 in the medium term.
Using ENJ, the Enjin firm can tokenize in-game items and create NFTs on the Ethereum blockchain.
The token plays a critical part in a sphere projected to command billions in the years to come.
As of May 28, the ENJ price is melting down, falling double-digits against the USD.
However, it is at breakeven versus the greenback, surprisingly scoring against BTC and ETH in the last week of trading, adding a ballpark 11 percent.
Nonetheless, the resilience of ENJ buyers seems to be fizzling off reading from trading volumes which are down 64 percent on the last trading day to $309 million.
Still, the speed at which bulls reversed last week’s losses hints at what’s ahead, explaining the confidence of most ENJ traders and investors.
ENJ/USDT Technical Analysis
The ENJ/USDT price is skewed positively. Notably, prices are within May 26 bull bar, a net positive.
Also, ENJ/USDT prices reversed last week’s losses, possibly marking the end of the correction that saw ENJ correct, losing over 80 percent after peaking in April 2021.
High volume gains above $1.95 confirm the double-bar bullish reversal pattern of May 23 and 24, opening doors for $4.
Losses below $0.90 and May lows invalidate the uptrend, heaping pressure on ENJ prices.
The interoperable, decentralized blockchain is an Ethereum fork. WAN is its main currency.
After a partnership with the Chinese power distributor, most traders expect WAN to chart higher, building on gains from the last quarter.
At present, WAN/USDT prices are recoiling. WAN bulls are struggling and are down 10 percent on the last trading day versus the USD.
Meanwhile, trading volumes are rising, up 47 percent to around $9.2 million.
WAN/USDT Technical Analysis
WAN prices are under pressure, trending below the middle BB.
After dips of last week, WAN/USDT found support at the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range at $0.75—the primary support.
Overly, WAN/USDT prices are trending inside May 19 bear bar—giving sellers an upper hand from an Effort-versus-Results point of view.
Aggressive buyers can load the dips above $1.15, while risk-averse traders can wait for complete reversals of May 19 losses above $1.5.
The main buy target is $2.6—April 2021 highs.
Losses below $0.75 invalidate the uptrend.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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