Top 5 Altcoins To Watch This Week: Enjin To Witness Historical Upgrade

Key Insights:

• Enjin Coin approaches a major blockchain upgrade while defending support at $0.0234.
• Verified Emeralds and Beam extend their rallies as bullish moving-average crossovers strengthen their technical outlook.
• Bitway and USELESS remain under pressure, with critical support levels determining their downside risks.

The crypto markets are witnessing a sharp divide between assets attempting to recover and those struggling under persistent selling pressure as several tokens are approaching critical technical levels.

The coming sessions could reveal which rallies have staying power and which assets risk extending their declines. BlockInsider have analysed five such altcoins which are showing strong signs of a directional bias.

Enjin Coin (ENJ)

Enjin Coin (ENJ) heads into the Fort Canning upgrade at $0.0236, sitting on support at $0.0234. The upgrade is the largest in Enjin Blockchain history and goes live on the Relaychain. It adds self-expiring NFT loans, scheduled token expiry, verifiable mint limits and immutable item data. Price still trails the moving average at $0.0260 after a steep October decline.

The upgrade could lift chain usage and ENJ fee demand, though actual adoption is not established. Buyers absorbed the October 30 dip below $0.0234, leaving a long lower wick. A close above $0.0260 targets $0.0271.

A daily close below $0.0234 would invalidate the bullish thesis. The decline would then target $0.0213.

Bitway (BTW)

BTW ranks as the worst performer of the past few days. The token has lost 56.71% since October 19 and now trades at $1.054.

Price nears the 50-day EMA at $1.011, a support that could trigger a reversal. Today's wick to $0.900 tested the $0.898 level and drew buyers. Even so, BTW has printed lower highs and lost both $1.215 and $1.493. A daily close below the EMA targets $0.898.

A daily close above $1.215 would invalidate the bearish thesis. That move would reclaim broken support. Buyers would then target $1.493.

USELESS Coin (USELESS)

USELESS leads meme coins lower, and its 27.86% decline makes it the sector's worst performer. Price sits at $0.124, below the $0.130 support it lost on October 29. The 20-day EMA at $0.155 and the Parabolic SAR at $0.178 both sit overhead.

Those two indicators now act as resistance, which opens the token to further decline. Continued weakness targets $0.111, then $0.095.

A daily close above $0.155 would invalidate the bearish thesis. As a result, there is a good chance that buyers would then target $0.182. Recovery beyond this level will depend on the broader market cues.

Verified Emeralds (VEREM)

A golden cross is taking shape for VEREM as the $12.88 average closes in on the $13.52 average. The token is up 36.41% over the past week and trades at $37.39.

Price has consolidated around the 0.786 level at $36.90 for several sessions, a sign buyers are holding their gains. A daily close above $42.71 targets $49.12, the 1.236 level. A completed cross would add momentum to that move.

A daily close below $32.33 would invalidate the bullish thesis. That break would lose the 0.618 support. The decline would then target $29.13, the 0.5 level.

Beam (BEAM)

BEAM price is up 65.21% over the past week, following a golden cross in its moving averages. The $0.00244 average now sits above the $0.00231 average. Price pulled back 10.86% today to $0.00493.

Price slipped below the 2.0 level at $0.00523 today, yet it still holds above the 1.618 level at $0.00477. Both averages keep rising beneath price, which shows strength for further gains. A daily close above $0.00523 targets $0.00598, the 2.618 level.

A daily close below $0.00477 would invalidate the bullish thesis. The decline would then target $0.00431.