After the Crypto Fear and Greed Index saw a rise of 8 points in the past 24 hours, XRP broke above its up channel to nullify bearish tendencies. Furthermore, Chainlink claimed the $17.7 level while its Supertrend favored the buyers. Enjin Coin also showed bullish strength but faced a hurdle near the USD 2.08 mark.
since losing Checkpoint (red) which has offered the highest liquidity for more than three months, the alt has fallen steadily. Post that, the bears tested the $0.7292 mark multiple times until the January 21st sell-off. XRP fell 32.6% (as of January 12) to hit a six-month low on January 22.
However, with a 44.4% rebound in the last 14 days, XRP quickly reversed the EMA ribbons in favor of the bulls. Now any reversal would find a bottom near the $0.7292 mark followed by the 20 EMA at $0.67.
At the time of writing, XRP was trading at $0.7648. After testing the 55 mark several times, the RSI saw a 35-point increase, reaching its six-month high on February 7. From here, any retracement would likely lead to a retest of the 74 followed by the 66 mark.
Chain link (LINK)
LINK bulls lost control after losing the crucial resistance at $25.75 (previous support). For example, the alt fell by 53.09% (as of January 11) to reach its six-month low on January 24. However, the bulls eventually came to $13.96 as the alt recorded a 39.37% recovery to date.
Consequently, LINK depicted a rising channel (white) on its 4-hour chart. For the past week, the bulls have been testing the $17.76 level until finally breaking it on Feb. 7. Now, any reversals from here would find testing grounds near the 20 SMA (red).
At the time of going to press, the LINK was trading at $18.52. After poking the 68 level on February 7, the RSI pulled back slightly. Any drop below 60 can cause further downfall. In addition, the super trend shown a green zone for the buyers.
Enjin Coin (ENJ)
After dropping below the $3.08 level, ENJ was between the above level and the $2.08 mark for seven weeks until the January 21 sell-off. It caused the alt to lose more than 43% of its value, reaching its four-month low on January 24.
In the past two weeks, ENJ saw a bullish channel (yellow) on the 4-hour chart. It posted a stunning 57.7% ROI during this rally. But still faced resistance near the $2.08. In the event of any retracements, the centerline of the upstream channel served as a retest floor.
At the time of writing, the alt was trading at $2,054. The RSI managed to jump after the recent gains in the overbought region. Any drop below 64 could trigger a test of balance.
This post XRP, Chainlink, Enjin Coin Price Analysis: Feb 7
was published first on https://ambcrypto.com/xrp-chainlink-enjin-coin-price-analysis-07-february/