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These NFT Tokens Could be Next to Move Upwards


beincrypto.com 30 August 2021 18:02, UTC
Reading time: ~2 m

Origin Protocol (OGN) has been increasing alongside an ascending support line since July 20 but is facing resistance at $1.20.

Cocos-BCX (COCOS) has broken out from a descending resistance line and is attempting to move above the $0.90 resistance area.

SuperFarm (SUPER) has broken down from an ascending parallel channel, but has found support above $0.80.

OGN

OGN has been increasing alongside an ascending support line since July 20. So far, it has twice reached a high near $1.20, on Aug. 16 and Aug. 23. However, it was rejected by the $1.20 horizontal resistance area.

On Aug. 27, it validated the $0.85 area as support while bouncing at the ascending support line for the fourth time. 

Currently, it is making another attempt at breaking out above the $1.20 resistance area.

Technical indicators support the continuation of the increase. The RSI has generated hidden bullish divergence and is above 50. The MACD is positive and increasing.

Therefore, an eventual breakout is likely. If one occurs, the next closest resistance area would be at $1.92. This is both a horizontal resistance area and the 0.5 Fib retracement resistance level.

Chart By TradingView

Highlights

  • OGN Is increasing alongside an ascending support line.
  • There is resistance at $1.20 and $1.92.

COCOS

COCOS has been moving upwards since breaking out from a descending resistance line on July 14. However, it has failed to initiate a significant upward movement, since it is facing strong resistance at $0.90. So far, it has been rejected thrice by the area. 

Technical indicators are undecided. The MACD is positive but the RSI is below 50.

If a breakout occurs, the token could increase all the way to $1.35.

Chart By TradingView

The shorter-term two-hour chart shows that COCOS is trading inside a descending parallel channel. Such structures often contain corrective movements. Therefore, an eventual breakout would be likely.

Chart By TradingView

Highlights

  • COCOS has broken out from a descending resistance line.
  • It is trading inside a descending parallel channel.

SUPER

SUPER has been moving upwards since breaking out from aa descending resistance line on July 21. So far, it has managed to reach a high of $1.225, doin so on Aug. 17.  

The closest resistance area is at $1.64. This is a horizontal resistance area and the 0.5 Fib retracement resistance level.

Technical indicators are bullish. The RSI is above 50 and the MACD is positive.

Chart By TradingView

However, the token has broken down from an ascending parallel channel, breaking its bullish structure in the process. 

Therefore, it has to initially find short-term support before potentially beginning another upward movement. 

The closest support levels are at $0.70 and $0.80.

Chart By TradingView

Highlights

  • SUPER has broken out from a descending resistance line.
  • There is resistance at $1.64.

   Source
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