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Polkadot and Enjin Coin traded within symmetrical triangles and if Bitcoin retraces below $60K before its next push, capital inflows towards these altcoins could further boost their value if a breakout occurs. In a bullish outcome, DOT could jump as high as $50, while ENJ could touch the $4-mark. On the other hand, Bitcoin SV might fall towards $324.2-support before resuming its upwards trajectory.
Polkadot [DOT]
Source: DOT/USD, TradingView
Polkadot formed several lower peaks since snapping its ATH during the first week of April. Since the price also made higher lows during this process, a symmetrical triangle appeared on the 4-hour and 1-hour timeframes. DOT showed an uptrend prior to the formation of the pattern and thus, a breakout was expected to the upside.
The Squeeze Momentum Indicator highlighted weakening momentum on the bearish side, and the first green bar above half-line could offer a buy signal. A bullish crossover in the MACD also lent weight to a favorable outcome. In the event of a breakout, the 38.2% and 50% Fibonacci extensions levels reside at $47.8 and $50.01, respectively.
Bitcoin SV [BSV]
Source: BSV/USD, TradingView
A breakout above $286.3-resistance sent Bitcoin SV soaring towards the $450-mark. In fact, one candlewick even touched a high of $490 over the last 24 hours. However, the RSI pointed towards a saturated market that needed to stabilize before the next upswing. The MACD’s histogram noted some weakening momentum as the Signal line looked to catch up to the fast-moving line.
Since the current market conditions were strongly bullish, BSV could hit $450 or even $460 before a pullback takes place on the chart. Traders can be on the lookout for a bearish spinning top to identify the onset of a correction. Such a case could highlight the defensive front at $324.2.
Enjin Coin [ENJ]
Source: ENJ/USD, TradingView
Enjin Coin also traded within a symmetrical triangle on the 4-hour timeframe. The current market state reflected some equilibrium between the buyers and sellers, but this was a typical observation prior to a breakout. The MACD line was superimposed on the Signal line and floated on the half-mark.
Since the ADX pointed south from 11 at the time of writing, the price could continue to trade sideways for a few more sessions before the expected upswing. While gains could be capped at the $3.5 mark, a move above this would likely see ENJ touch north of $4 as well.
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