ENJ and THETA Close to Breaking Out, CHZ Could Follow Soon
3 min readTHETA (THETA) is in the process of breaking out from a descending parallel channel that has been in place since the April 16 all-time high.
Chiliz (CHZ) has bounced at the support line of a long-term descending parallel channel and reclaimed the $0.215 area afterwards.
Enjin Coin (ENJ) is following a descending resistance line and is in the process of breaking out.
THETA
THETA reached an all-time high price of $15.88 on April 16. Since then, it has been decreasing alongside a descending parallel channel.
The movement inside the pattern looks like a completed A-B-C structure, giving waves A:C an exactly 1:1 ratio.
THETA has been moving upwards since May 19, when it bounced at the support line of the channel. Currently, it is in the process of breaking out.
Technical indicators support the possibility of a breakout. The Stochastic oscillator has made a bullish cross. The RSI has crossed above 50 and the MACD has nearly reached positive territory (green icons).
The next resistance area is at $14.50.
The THETA/BTC pair also looks bullish. It is currently in the process of breaking out from the all-time high resistance area of 26,000 satoshis.
Similarly to the USD pair, technical indicators look bullish. However, the breakout has not been confirmed yet, since THETA not reached a daily close above the area. If there is a successful breakout, the next resistance area would be found at 36,770 satoshis.
Highlights
- THETA is trading inside a descending parallel channel.
- There is resistance at $14.50.
CHZ
Similarly to THETA, CHZ has been trading inside a descending parallel channel, since reaching an all-time high on March 12.
The decrease continued until May 23, when a low of $0.164 was reached. This validated the support line of the channel and the 0.786 Fib retracement support level.
While CHZ has been moving upwards since, the upward movement has been extremely weak, failing to confirm a higher low.
Even though technical indicators are bullish, the price action leaves a lot to be desired. A reclaim of the middle of the channel is needed for the trend to be considered bullish.
The CHZ/BTC chart is slightly more bullish than its USD counterpart. This is mainly due to the fact that it is trading inside a descending wedge, which is considered a bullish reversal pattern.
Therefore, it is possible that the token continues to consolidate inside this wedge, before eventually breaking out.
Highlights
- CHZ is trading inside a descending parallel channel.
- There is support at $0.213.
ENJ
ENJ has been decreasing alongside a descending resistance line since April 9, since reaching an all-time high price of $4 on April 9. Throughout the decrease, it has been following a descending resistance line.
On May 23, it reached a low of $0.73, initially breaking down below the $1.16 support area. The next day, it created a bullish engulfing candlestick and reclaimed the area.
Currently, it is in the process of breaking out from this resistance line. If successful, the next resistance levels are at $1.98 and $2.75, respectively.
Technical indicators support the possibility of a breakout. The Stochastic oscillator has made a bullish cross (green icon). Both the MACD and RSI are increasing, though the former is not positive yet, while the latter has not crossed above 50.
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