Enjin Coin (ENJ)
ENJ's Technical Analysis: On the daily chart, ENJ's price is forming a symmetrical triangle pattern as indicated by lower highs and higher lows. This suggests that the present trading range for this currency may remain to continue for the short term, with prices fluctuating between its nearest supports and resistances.
Daily Technical Chart – ENJ
Ethereum (ETH)
ETH's Technical Analysis: ETH recently broke above an Inverse head and shoulders pattern in March 2023, indicating that this currency might witness an upside movement. Nonetheless, ETH is currently experiencing a short-term correction that has led the currency to the pattern's neckline, from which recovery may take place.
Daily Technical Chart – ETH
Flare (FLR)
FLR’s Technical Analysis: On the daily chart, the price of FLR is forming lower highs and lower lows, indicating a downward trend. In addition, FLR is trading below both the trend-following indicators 21-day and 50-day SMAs, which support the negative bias.
Daily Technical Chart – FLR
Hedera Hashgraph (HBAR)
HBAR’s Technical Analysis: On the daily chart, the price of HBAR is facing a trendline resistance with a short-term downward inclination, indicating that the short-term downtrend may continue in the near future. In addition, the RSI (14-day) is moving southward from its neutral position, supporting the negative bias.
Daily Technical Chart – HBAR
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: Investment decision should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report.
Technical Indicators Defined:
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
The Green colour line reflects the 21-period moving average. SMA helps to identify existing price trends. If the prices are trading above the 21-period, prices are currently in a bullish trend (Vice – Versa).
The Blue colour line reflects the 50-period moving average. SMA helps to identify existing price trends. If the prices are trading above the 50-period, prices are currently in a bullish trend (Vice – Versa).
The Orange/ Yellow colour line represents the Trendline.
The Purple colour line in the chart’s lower segment reflects the Relative Strength Index (14-Period), which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.
The reference date for all price data, currency, technical indicators, support, and resistance levels is May 03, 2023, at 05:30 PM, (GMT+10) Time in Sydney NSW, Australia. The reference data in this report has been partly sourced from REFINITIV.
Abbreviations
CMP: Current Market Price
SMA: Simple Moving Average
RSI: Relative Strength Index
USD: United States dollar
Note: Trading decisions require a thorough analysis by individuals. Technical reports in general chart out metrics that may be assessed by individuals before any Cryptocurrency evaluation. The above are illustrative analytical factors used for evaluating Cryptocurrency; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.
Disclaimer -
This report has been issued by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and prepared by Kalkine and its related bodies corporate authorized to provide general financial product advice. Kalkine.com.au and associated pages are published by Kalkine.
Any advice provided in this report is general advice only and does not take into account your objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your objectives, financial situation and needs before acting upon it.
There may be a Product Disclosure Statement, Information Statement or other offer document for the securities or other financial products referred to in Kalkine reports. You should obtain a copy of the relevant Product Disclosure Statement, Information Statement or offer document and consider the statement or document before making any decision about whether to acquire the security or product.
You should also seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice in this report or on the Kalkine website. Not all investments are appropriate for all people.
The information in this report and on the Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice.
Kalkine does not guarantee the performance of, or returns on, any investment. To the extent permitted by law, Kalkine excludes all liability for any loss or damage arising from the use of this report, the Kalkine website and any information published on the Kalkine website (including any indirect or consequential loss, any data loss, or data corruption). If the law prohibits this exclusion, Kalkine hereby limits its liability, to the extent permitted by law, to the resupply of services.
Any information in this report relating to digital currency or other crypto-asset types (crypto product) is based on the law that applied at the time the report was prepared. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Investments in crypto products can be high risk and volatile. You should seek appropriate advice and consider your objectives and risk appetite before making any decision in relation to such products.
Please also read our Terms & Conditions and Financial Services Guide for further information.
On the date of publishing this report (referred to on the Kalkine website), employees and/or associates of Kalkine and its related entities do not hold interests in any of the securities or other financial products covered on the Kalkine website unless those persons comply with certain safeguards, procedures and disclosures.
Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.