Altcoins ENJ, FET and SUSHI Accumulate as Bitcoin Slides
Bitcoin (BTC) price dipped below $112K, weakening market sentiment for altcoins. Yet three altcoins—Enjin Coin (ENJ), Fetch.ai (FET) and SushiSwap (SUSHI)—are seeing net outflows from Binance, signaling accumulation. ENJ is defending support in the $0.06–$0.065 range and consolidating for a possible breakout based on on-chain flows and infrastructure fundamentals. FET faces short-term risks but retains a bullish Elliott Wave structure with key levels at $1.00 and $2.20, and a long-term target of $6.20. SUSHI is retesting its 50-day moving average as a pivot for a potential rebound toward the 200-day MA. Traders should watch these altcoins for entry points amid ongoing market volatility.
Bullish
The accumulation signals for ENJ, FET and SUSHI suggest bullish momentum for these altcoins. Net outflows from Binance typically indicate investor confidence and long-term holding tendencies rather than imminent sell-offs. Historical patterns show that similar exchange withdrawal surges preceded price rallies in altcoins. ENJ’s support defense around $0.06–$0.065, FET’s Elliott Wave structure with clear breakout targets, and SUSHI’s 50-day MA retest all align with classic accumulation setups. In the short term, traders may find entry points at current support zones. Over the long term, maintaining critical support levels could enable sustained upward trends as broader market sentiment stabilizes. Overall, these technical and on-chain indicators point to a bullish outlook for the featured altcoins.