Chiliz (CHZ) is in the process of breaking out of a long-term parallel descending channel.

Enjin Coin (ENJ) broke out of a parallel ascending channel and subsequently validated it as support.

Small Love Potion (SLP) is trading within a falling wedge.

CHZ

CHZ has fallen within a parallel descending channel since March 12, when it reached an all-time high of $ 0.945 on March 12. Parallel downspouts often contain remedial facilities.

It bounced on May 22 after hitting the channel’s support line. It has been on the rise ever since.

Currently, it is trading right at the resistance line of the channel.

Technical indicators are relatively bullish. While the MACD is declining, it is still positive. Also, the RSI has generated hidden bullish divergences and the Supertrend line is bullish.

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wave count indicates that CHZ started bullish momentum in March 2020. If correct, the movement within the channel was part of wave four, while the ongoing bounce is the fifth and final wave.

two most likely targets for the top of the bullish move are $ 1.11-1.14 and $ 1.69. former is found using an outer Fibonacci retracement on wave four (black) and the 1: 1 projection of wave 1-3 (orange), while the latter is found using the 1.61 projection of waves 1-3.

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Emphasizes

• CHZ is trading within a parallel downstream channel.
• It is potentially in the fifth wave of bullish momentum.

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ENJ

ENJ has been on the rise along with an ascending parallel channel since July 20. On August 23, it managed to break through and validate the channel as support three days later (green icon).

Despite showing some weakness, technical indicators remain bullish. MACD is positive and the RSI is above 50.

closest resistance area is at $ 2.75. This is both a horizontal resistance area and the 0.618 Fibonacci Retracement Resistance Level.

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wave count suggests that ENJ is in the fifth wave of bullish momentum that started in March 2020.

two most likely targets for the top of all bullish momentum are $ 4.70- $ 4.90 and $ 7.1. former is found using the 1.27 outer Fibonacci retracement on wave four (black) and the 1: 1 projection of wave 1-3 (orange). latter meets the 1.61 projection of waves 1-3.

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Emphasizes

• ENJ came out of a parallel ascending channel.
• Completed a fourth wave pullback.

SLP

SLP has fallen within a falling wedge since July 13, when it peaked at $ 0.41 (red icon). On August 31, it touched a low of $ 0.11. low was reached at both the $ 0.115 horizontal support area and the wedge support line.

While the falling wedge is considered a bullish pattern, the technical indicators do not provide any bullish reversal signal.

If a breakout occurs, the next resistance would be at $ 0.22.

Also Read Maker to Monero: How to Convert MKR to XMR TradingView Chart

Emphasizes

• SLP is trading within a falling wedge.
• re is support at $ 0.115.

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

NFT Tokens Post Get Ready For Another Stage: CHZ, ENJ First Appeared On BeInCrypto.

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