Moonsie wowzers, a simple analysis concerning the macro structure of the Enjin coin/bitcoin pair.
by setting the trend lines of the fib tools to fit as parabolical rejection and support channel paths yet still keeping the high and low touch points the same as plotted in the chart we can see the fib tools can not only show support and rejection levels but also harmonic patterns when adjusted as described in the beginning. Fil, bumpy road but generally bullish...
Algorand actually has hit an all time high back in july 6th 2019 at 3.15 which isn't shown on trading view chart for coinbase but it is shown in coin market cap, now why do i mention that? well if we put the 2019 all time high in account we actually see a 3 year old cup playing out now! in 2021 , make sure to adjust your uptrend and retracement fib to the all time...
Ren seems to be trying to break out of that micro downtrend into the 0.236 fib support if it follows such plan it will be working towards $1.27
expecting this to hit 2.54 as it has before and maybe actually grip the 2.22 support below it .
only wave trend analysis done here just wanted to show the type of thing a variety of some 2020 alts are currently doing many top contenders are forming this kind of cup pattern in the higher charts
NMR seems to be mimicking 2020 levels which should be an interest show we've seen play out, this is one of of my favorite TA set ups based on sentiment along with daily fibs, if NMR stays on that parabolic channel made by the daily retracement and daily uptrend IF NMR manages to break the current double resistance its been getting rejected on we can hope to see...