Enjin Price Analysis: Is It The Right Time To Buy The Discounted ENJ Coin Prices?

By Brian Bollinger
Published November 17, 2021 Updated November 17, 2021
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Enjin Price Analysis: Is It The Right Time To Buy The Discounted ENJ Coin Prices?

By Brian Bollinger
Published November 17, 2021 Updated November 17, 2021

The ENJ token retraced up to 20% after facing resistance near the 3.5 mark resulting in a falling channel formation. However, the chances of the falling channel giving a bullish breakout increase as the technical indicators take the bullish side. Hence, buying at current prices has its risk; that is why the channel’s breakout can be an excellent buying time. 

Key technical points:

  • The ENJ token price action forms a falling channel in the 4-hour chart. 
  • The MACD indicator gives a bullish crossover in the 4-hour chart.
  • The intraday trading volume in the ENJ token is $505 Million, indicating a 10% hike.

TradingView Chart

Source- ENJ/USD chart by Tradingview

The ENJ token shows retracement after facing the sudden increase in supply near the $0.35 mark. However, before the downfall, the support trendline in action makes a solid flag pattern in the 4-hour chart.

The Relative Strength Index value at 54 indicates a retracement to the 50% mark in the daily chart. Moreover, the RSI line also displays a hidden bullish divergence in the daily chart that increases the chances of a bullish breakout.

The MACD indicator also forecasts a bullish breakout of the parallel channel as the fast and slow lines give a bullish crossover in the 4-hour chart. 

ENJ/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- ENJ/USD chart by Tradingview

The ENJ token price recently fell after the double top pattern in the 4-hour chart. However, the support zone near the $2.75 mark helps halt the falling prices more than once. However, traders can observe the falling prices taking support near the $2.40 and $1.98. However, the breakout of the previously mentioned falling channel can find resistance near the $3.5 mark.

The ENJ token price action shows an upside retracement after finding demand near the $2.75 mark. Hence, we can shortly see the prices reach the $3.25 mark. 

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Brian Bollinger
185 Articles
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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