Enjin, AAVE and Shiba Inu Price Analysis: 09 December

By victoria
December 9, 2021 Updated December 9, 2021
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Enjin was seen trading sideways over the last few days which has now been replaced by downward price action. At press time the token was available for $2.80 with immediate resistance at $3.22 and support at $2.30. Technicals hinted towards a bearish price action.

ENJ/USD Chart In The 4-hour Time Frame

The MACD seemed to be heading towards a bearish price action as the green histograms declined on the four-hour chart. Alongside, The Awesome Oscillator displayed red histograms indicating that Enjin was on negative price action.

In regards to the same, Aroon-Down has crossed over the Aroon-Up line which signalled that Enjin experienced a downward price movement.

The local support line for the coin stood at $2.30 and then at $1.77. In case of a price reversal, ENJ would cross above the $3.22 mark and then attempt toppling over $3.83 to trade near its price ceiling of $4.71.

AAVE/USD Chart In The 4-hour Time Frame

AAVE was trading 4.4% lower at $191.77 over the last 24 hours. In the last week, AAVE was seen trading in a rangebound manner, oscillating between $205.93 and $170.20, respectively. The technical outlook painted a mixed trading signal for the coin. The downtrend seems to have been present for the last few weeks, AAVE had formed a descending channel which indicated a bearish price action.

MACD’s green histograms were receding which pointed towards a decline in the prices of the coin. Awesome Oscillator showed small green histograms. Bollinger Bands were heavily constricted meaning price volatility was extremely low, however, it is often also indicative of an upcoming price breakout.

On the upside, resistance lines for AAVE were at $228.80, $285.96 and 338.84. In case AAVE continues to move downwards, AAVE would soon trade near $170.20.

SHIB/USD Chart In The 4-hour Time Frame

Shiba Inu’s price hasn’t seen much movement ever since it secured it’s all-time high a month ago. The alt was sandwiched between $0.000043 and $0.000033 for the past week and indicators have now turned bearish. Buying strength has declined ever since December 4th’s crash.

Awesome Oscillator emanated declining green histograms. The Relative Strength Index was parked in the bearish territory as buyers have exited the market. MACD seemed to be approaching a bearish crossover highlighting a negative price movement.

With continued bearish influence, the coin can trade near $0.000033 and a reversal of the same could push Shiba Inu to trade above $0.000043 near its $0.000053 and $0.000064 price ceiling.

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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