HBAR, ENJ and HNT are showing signs of strength following the recent decline

Hedera Hashgraph (HBAR) trades within a descending parallel channel and bounced off its support line on June 22nd. Helium (HNT) has bounced off the USD 10.20 support area for the fifth time since March.

HBAR

HBAR has been trading on a descending parallel channel since March 14th. It touched the channel’s support line for the sixth time on June 22nd and started an uptrend. The low coincided with the $ 0.155 horizontal support area and this move was initiated by a bullish divergence in the MACD.

The token has grown since then. In addition, the stochastic oscillator has created a bullish cross and the RSI is about to break the 50 mark.

Pulling back the centerline of the channel confirms that the trend is bullish.

Daily HBAR / USDT Chart | Source: TradingView

The HBAR / BTC pair looks similarly bullish. The pair has broken above the descending resistance line and is approaching the 0.5 fib retracement resistance level at 652 satoshis, which is also a horizontal resistance area.

The stochastic oscillator has created a bullish cross, the RSI has crossed above 50 and the MACD is about to move into the positive zone.

A break above the 652 Satoshi zone could trigger a strong upward move.

Daily HBAR / BTC chart | Source: TradingView

Highlights

• HBAR is traded on a descending parallel channel
• There is support at $ 0.155

ENJ

ENJ has been falling since April 9 when it hit an all-time high of $ 4.

The token created a false bottom on May 23 and June 22, near the USD 0.75 support area. In addition, the double bottom is accompanied by a bullish divergence in the RSI, MACD and Stochastic oscillator.

Since then, ENJ has risen higher.

The next resistance is at $ 1.98. This is both the horizontal resistance and the .382 fib retracement resistance.

Daily ENJ / USDT chart | Source: TradingView

The shorter-term 2 hour chart supports this possibility as it shows a breakout above the descending resistance line.

There is a small resistance at USD 1.50.

ENJ / USDT 2-hour chart | Source: TradingView

Highlights

• ENJ has created a raised floor
• It broke out above a descending line of resistance

HNT

On June 22nd, HNT hit a low of $ 8.80. The subsequent jump confirmed the USD 10.20 area as support. The token has ricocheted off this zone five times since the end of March.

The rally was initiated by a bullish divergence in the MACD. However, the rest of the technical indicators are relatively neutral.

The stochastic oscillator has created a bullish cross, but the RSI is still below 50. The MACD is also in negative territory.

Therefore, it is currently not possible to determine the exact direction of the trend.

HNT / USDT daily chart | Source: TradingView

Highlights

• There is support at $ 10.20.
• Technical indicators are neutral.

Disclaimer of liability: This article is for informational purposes only, not investment advice. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page