Buy $GGsAmid Bullish Rally, Why Enjin Coin Price Is At Risk Of 17% Drop
Similar to the majority of major cryptocurrencies, the Enjin coin price witnessed a sustained recovery in the first two weeks of 2023. The coin price has rallied 72.5% since January 1 and currently trades at the $0.39 mark. Furthermore, the U-shaped recovery in the daily chart reveals the formation of a rounding bottom pattern. Here’s how this bullish reversal could influence the ENJ coin’s future price.
Key Points:
- A higher price rejection at $0.4 resistance indicates a potential pullback in the ENJ price.
- A bullish crossover between the 20 and 50 DMA would increase the buying pressure on the market.
- The intraday trading volume in ENJ price is $164.4 Million, indicating a 372% gain.
Source- Tradingview
The rounding bottom pattern is one of the famous trend reversal patterns that offer steady recovery in any asset. Earlier today, the Enju coin witnessed a significant inflow that surged its market value by 20% and breached the local resistance of $0.4. However, a sudden downfall in the crypto market in the last few hours has evaporated these gains considerably and formed a higher price rejection at mentioned resistance.
Also Read: CRYPTO TELEGRAM CHANNELS LIST 2023
This rejection indicates high supply pressure, and If the daily candle closes below $0.4 resistance, the ENJ price would likely witness a minor pullback. This potential correction could tumble the price by 17.5% and revisit the $0.35 support. If this local support recuperates bullish momentum, and Enjin coin will resume the prevailing trend.
Thus, under the influence of the rounding bottom pattern, this altcoin should eventually ride a steady recovery to hit the $0.49-$0.5 neckline resistance.
Technical Analysis
Vortex indicator: the enlarged gap between the VI+ and VI- slope projects a sustained buying of the market.
DMAs: In case of a possible retracement, the reclaimed DMAs(20, 50, and 100) could offer additional support to the rising prices. Conversely, the 200 DMA wavering around the $0.44 mark suppresses the bullish growth.
Enjin Coin Price Intraday Levels-
- Spot rate: $0.39
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.4 and $0.49
- Support level- $0.325 and $0.275
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Gold ETF vs Tokenized Gold: Who Could Outperform in 2026?
- Crypto Weekly Wrap: Jane Street Targeted After Terra Suit, Vitalik’s ETH Selloffs, Regulatory Progress Feb 23-27
- Meme Coin Market Dead? Top 5 Reasons Dogecoin, Shiba Inu, and Pepe Are Crashing
- Crypto Market Crashes as U.S.-Iran Tensions Escalate With Airstrikes
- Breaking: Ethereum Price Drops Amid Israel-Iran Tensions; Machi Big Brother Liquidated Again
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
- Top 2 Price Predictions Ethereum and Solana Ahead of March 1 Clarity Act Stablecoin Deadline
- Pi Network Price Prediction Ahead of Protocol Upgrades Deadline on March 1
- XRP Price Outlook As Jane Street Lawsuit Sparks Shift in Morning Sell-Off Trend
- Dogecoin, Cardano, and Chainlink Price Prediction As Crypto Market Rebounds
