Price Analysis

Polygon (MATIC), Tezos (XTZ), and Enjin Coin (ENJ) Poised For 5x Surge!

Written by: Elena R

Written by right arrow

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

  • author twitter

Nov 30, 2021

news-image
Highlights

    The broader crypto space appears to be prepping for a much-anticipated bull season of quarter 4.

    Notably, Polygon, Tezos, and Enjin Coin showcase optimistic signals of potential bullish momentum in December.

The global crypto space flashed bullish waves on Monday with feasible gains. However, crypto proponents are confident of Bitcoin price surge up to $60k before commencing the December run. Besides, chief altcoins such as Matic, Tezos, and Enjin Coin which are often referred to as undervalued exhibit absolute signs of positive growth. 

Advertisement

Polygon (MATIC) : 

The Matic price has been generating subsequent higher lows since July. Moreover, in no case, the altcoin has shown the signs of heavy corrections since then. Interestingly, the recent consolidation phase of the altcoin confirms replication of the Ethereum price flow in 2017. A crypto analyst Tech Dev has been pretty much convinced with similarity in the price patterns of Ethereum and Polygon. 

In 2017, Ethereum price has generated consequent higher lows in the second half of the year. With requisite consolidation in October, the ETH price formed a milestone ATH in December. However, the Matic price mimics a somewhat similar pattern in 2021. The altcoin appears to be gaining strength around $1.65 post the incredible surge of more than 100% in 4 months. Matic price would acclaim a new ATH if it continues the star altcoin’s price pattern new ATH.

Tezos (XTZ) : 

Tezos has shown extreme volatility since its advent, yet it has managed to claim higher lows at the end of each cycle. However, with a monstrous surge of more than 500% in trading volume, the XTZ price has managed to break the crucial support at $4.63 on Monday. In addition, an on-chain crypto metric platform Santiment confirms the surge in the crowd interest towards the asset.

While the crowd remains bullish on the asset, the price would peak to break the $6.5 resistance level. In addition, the price has been trading well below the 200-day moving average indicating a strong buy signal. However, if sellers come up in large numbers, the asset would undergo a price rejection and might dip to a neckline of 200d MA that would be up to $4.6.

Enjin Coin (ENJ) : 

ENJ price has clinched a new ATH of $4.85 on 28th November by surging more than 200%, post the trend reversal to Metaverse. The protocol has been trading at historical MVRV and RSI levels, the price would boom towards new milestones, if a similar trend repeats. However, an anonymous crypto proponent revealed that sell orders of the protocol are around 75% level of the 180-day moving average. The platform is hopeful of positive ENJ price action if the history reiterates. 

Collectively, the crypto proponents and enthusiasts across the space are hopeful of a bullish December. The aforementioned protocols hold the solid potential to chug up towards new highs if they manage to carry forward the bullish momentum. 

Show More

Was this writing helpful? myImage dislikeimage

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Related Articles

Back to top button