Enjin Coin Price Analysis: ENJ Token lays the ground for a 20% upswing

  • ENJ Token price action has formulated a double bottom pattern on the daily chart 
  • The press time price of ENJ/USDT is $1.41 established on the back of a 1.18% increase in the past 24 hours
  • The 100 EMA is committed to restricting the upside momentum of the ENJ Price 

Enjin Price is on the threshold of a minor pullback 

ENJ Token staged a recovery of an overall 60% from the support cushion of $0.95, thus enabling critical EMAs to be in sync with the price trend. Presently trading below the pressure of the 100 EMA, the token is all set to witness a minor pullback. 

While the inclusive price action remains confined inside a massive double bottom pattern, ENJ price demands a boost from critical EMAs. A breach of the overhead resistance of $1.42 will validate the EMAs to transpire a Golden Cross. Regardless of a bullish cross in the upcoming sessions, a pullback is intact. The above statement can be reinforced by the fact that the Daily Stochastic RSI has completed its bullish wave and is presently heading towards a negative crossover. 

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Presuming a bullish thesis, ENJ Coin can witness a 20% upswing, provided that the price is successful in tackling the barrier of the 100 EMA. The violation of that EMA will be accompanied by another massive jump and a retracement to the $1.69 level. 

Considering the ENJ Price chart from an intraday perspective, the trend is currently lacking sufficient bull power to get ahead of the 100 EMA. This particular scenario will lay the foundation of a sustainable pullback, thus giving the price an opportunity to take off. A decisive close below yesterday’s low of $1.33 will reveal that the price is moving in the direction of a pullback. 

On the off chance that the bulls get ahead of the 50 EMA, ENJ price can witness retracement up to the $1.52 level. A decisive close above yesterday’s high of $1.39 will disclose the odds of a prolonged uptrend. 

The volume of the Enjin token is shooting through the roof as evidenced by yesterday’s fierce candlestick. The token demands sufficient buying pressure to overcome the resistance of 100 EMA and continue the uptrend. 

ENJ/USDT on TradingView

SUPPORT : $1.22, $1.06

RESISTANCE : $1.52, $1.69

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Malishka Velanihttp://www.thecoinrepublic.com
Malishka Velani is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning

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