Enjin price has been riding on the excitement surrounding the Metaverse and gaming blockchain and crypto projects that was initiated by Facebook’s Meta rebrand. ENJ is up 8.37% over the last 24 hours and over 22% over the last seven days. The coin of the blockchain-based gaming network now has a market cap of $$2.67 billion, ranking it the 62nd most valuable cryptocurrency according to data from CoinMarketCap.
Enjin price could lift from the ascending triangle to $4.179
Solana price currently has been experiencing a dwindling trading volume from October 30, as seen on the four-hour chart. Even so, its price has made a series of higher lows since bouncing off the $2.25 support level. On the downside, the support around $3.03 has appears robust, pointing to a bullish ENJ.
Enjin’s price action has formed an ascending triangle on the four-hour chart. A horizontal line drawn along with the swing highs makes the x-axis, while a rising trend line drawn along with the swing lows is the triangle’s hypotenuse.
An expected spike in the buying pressure behind cryptocurrency will likely allow bulls to crack above the overhead resistance of the x-axis. Here, Enjin could shoot 31% based on the ascending triangle formation, as illustrated.
Note that ascending triangles have precise targets determined by measuring the distance between the highest and lowest points and adding it to the breakout point. Hence, the prediction for Enjin price upswing to $4.179.
ENJ/USD Four-Hour Chart
The upsloping moving averages and the upward movement of the Relative Strength Index (RSI) indicator add credence to this bullish outlook.
Moreover, on-chain metrics from the In/Out of the Money Around Price (IOMAP) chart by IntoTheBlock validate ENJ’s bullish narrative. The IOMAP chart shows that Enjin sits on strong support downwards. For example, the $3.03 support zone sits within the $2.97 and $3.07 price range where approximately 42.28 million ENJ were previously bought by roughly 5.27 addresses.
Enjin IOMAP Chart
This support is robust enough to absorb any selling pressure that might ensue. Therefore, according to the IOMAP chart, the path with the least resistance for ENJ us upwards.
On the flip side, if ENJ slips below the $3.10 support level, the price of the gaming coin may drop to tag the triangle’s hypotenuse at $2.95. A drop further could see the asset drop towards the 50-period simple moving average at $2.78.
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