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- Enjin coin price breached $1.40 and is now trading at $1.70 on Monday’s trading session.
- The SuperTrend indicator projects a buy signal. Until now, no signs of downtrend have been observed.
- The ENJ/BTC pair was trading at 0.00003387 BTC with a gain of 35.50%
The 4-hour technical chart of Enjin coin price projects a buy signal with an uptrend while presenting a SuperTrend indicator. Investors are intended to buy ENJ when the indicator turns from red to green while moving below the price. As long as the SuperTrend signals a bullish trend, the Enjin coin’s downtrend is ensured.
Enjin Coin Looks Heavily Overbought
Enjin coin price was $1.70; according to pivot points, ENJ’s critical support level is placed at $1.08. Whereas if it moves up, the key resistance level to watch is $1.40. While diving into the weekly chart of a 4-hour time-frame, it completes a pin bar candlestick pattern, representing a sharp reversal and rejection of price.
SMA-50 & 100 acts as another strong support in the coin. SMA-50 (purple) intersects the SMA-100 (white), which projects a bullish trend. The price is above both the SMA’s, which is a positive sign for the asset.
RSI indicator (OVERBOUGHT), with a value of 76.20, indicates an overbought situation in the coin. Moreover, Investors can see a cooldown in price in future trading sessions and can now close the positions for profits.
Traders May Close Positions in Enjin Coin
Enjin coin price traded at $1.70 with a gain of 31.77% in the last 24-hour. However, ENJ maintains a healthy gain of 169.85% on the weekly time-frame. In contrast, the market capitalization stands at $1 billion. Technically, investors can perceive a positive crossover in SMA. Moreover, SuperTrend also indicates a green signal, but the asset is heavily overbought; Enjin coin price may cool down in future trading sessions.
Resistance: $1.40
Support: $1.08
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.
