- Enjin Coin is climbing up the market chart by adding 1.9% more to yesterday’s price
- The token is very near to its one-month high price and can set the new high in the upcoming days
- ENJ, with a market rank of 65, is seeing a rise in its market cap as well as trading volume
Good days lie ahead for Enjin Coin as the token is performing just what was expected a few days ago. The token jumped from 71st rank to 65th in market rankings. It shows the rising popularity among investors. The market cap is up by 23% and the trading value observed a rise of 43.3%. The ENJ/BTC pair is also showcasing the results of a bullish rally by an increment of 23% in its original value, followed by the ENJ/ETH pair with a price of 0.0006969 ETH, an intraday gain of 21.72%. There was a certain moment on the chart when the head and shoulders pattern appeared to show signs of the reversal or correction, but the market price stabilised, and the bulls got back to their work in progress.
The current market price is positively trading above the moving averages. There have been some internal clashes between the MA lines before, where the 20MA line descended near the ‘descending scallop’ pattern. Then, it intersected the other lines and finally climbed upwards after gaining short-term stability. Other MA lines present also support the token’s bullish momentum until an event of reversal.
ENJ to continue the bullish rally for some more time
The resistance is present at $3.4938, and support levels are at $2.4247 and $2.073. The RSI level indicates the chances of ENJ going into the extremely overbought zone, but also suggests a buying period at the CMP. As far as MACD is concerned, the blue MACD line was below the signal line but soon came up above the graph when a cup and handle pattern appeared made by the candlesticks.
Conclusion- Enjin Coin looks bullish and getting a lot of support from the volumetrics. It started its climb after another breakout and correction, meaning it can recover from the loss. It can help the investors plan out a long-term investment, but thorough market research from verified sources and news portals is advisable before investing.
Resistance- $3.4938
Support- $2.4247 and $2.073