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- 1 NGL token price signifies consolidation and faces rejection from the $2 mark.
- 2 Technical indicators reflect a neutral outlook and suggest a bounce lay ahead.
The NGL token (ENTANGLE) price remained stuck in a narrow range and showcased low volume activity over the past few sessions. The token delivered minimal fluctuations and witnessed consolidation on the charts. Amid the rise in the beginning, there is no follow on buying momentum exhibit and the token hovered around the $2 mark for the past sessions.
At press time, the ENTANGLE token (NGL) price was trading at $1.68 with an intraday drop of 1.80%, reflecting neutrality on the charts. It has a monthly return ratio of 649.89% and 698.90% on a yearly basis. The pair of NGL/BTC is at 0.0000253 BTC, and the market cap is $1.68 Billion. Analysts are neutral and suggest that the NGL token price may replicate a breakout ahead and will cross the $2 mark soon.
NGL Price Replicate Range Bound Moves On Daily Charts
On the daily charts, the NGL coin showcased range bound moves and is hovering near the $2 mark. Amidst the crypto market downturn, the coin held onto the gains and remained in the bullish region. However, the buyers are attempting to escape the cage and are trying to surpass the $2 mark.
Despite the range bound moves and consolidation price action, the technicals are suggesting a positive move ahead and the coin will cross the upside of $2.50 soon. Until the $1.60 mark is not breached, the coin will persist in advancing gains and remain positive for the short term. The intraday trading volume dropped over 23.67% to $2.94 Million, signifying a decline in investor interest.
Per the technicals, the trend is neutral and the token trades above the key moving averages signifying a bullish stance. However, the indecisiveness between the bulls and bears led to price consolidation which showcased uncertainty.
Per the Fib levels, the NGL price has sustained above the 38.2% zone and is trading near the midline region replicating neutrality on the charts. The RSI curve stayed in the overbought region, reflecting a negative crossover on the charts.
The total supply of the NGL token is 990 million, whereas the volume-to-market cap ratio is 0.00177, whereas it stands at 1961 per the market cap in the global crypto market.
Summary
The NGL token price hovers near the $2 mark, displaying range bound moves over the past few sessions. The trend is neutral and the token faced rejection from the $2 mark multiple times and remained inside the cage. The price action reflected a dilemma among the investors and indecisiveness was witnessed on the charts.
Technical Levels
Support Levels: $1.50 and $1
Resistance Levels: $2 and $2.30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
