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•Enjin Coin is currently priced at $1.93 and is up by 2.96% in the past 24 hours
•The Volume has seen an increase of 18.27% over the past 24 hours
•The technical indicators suggest bullish crossover to occur in the near trend
Short Term View: Enjin coin ready for a bounce
The Enjin Coin price today is $1.93 USD with a 24-hour trading volume of $200,047,813 USD. Enjin Coin is up 2.96% in the last 24 hours. The trading volumes have increased by a substantial amount in the past 24 hours while the Volume to Market Cap Ratio stands at 0.121.
Nov 25,2021 marked the all-time high for the coin as it reached $4.85 but a series of consolidations and corrections have had a detrimental effect on Enjin’s price. Enjin is currently significantly below it’s all time high and finds itself in the middle of a consolidated move but looks well on course to break out of the clutter soon.ENJ is trading above the 20 and 50 SMA on the 4 hour chart, further enhancing the coin’s standing. The resistance for the coin stands at $2.2 while the support is placed at $1.70.
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Long Term View
The technical indicators for Enjin Coin suggest a bullish reversal in the coin. The RSI is currently quoted at 49.93 and is in the neutral zone. The MACD indicator, however,is showing the bullish appetite that is brewing in the market relating to the coin.MACD line looks poised to cross the zero line and enter the positive territory which will be a major boost for the bulls. The histograms are rising steadily as well which further reinforces the bullish sentiment.
Conclusion
The immediate resistance level for Enjin Coin (ENJ) can be found at the completion of the first wave at the price level of $2, followed by $2.2. The resistance levels will also be translated into potential price targets for the cryptocurrency if the upward trajectory is sustained. Hence,breaking out of the current malaise is of utmost importance for the bulls and the coin looks poised to achieve this goal in the short term. Chiliz crypto can thus, see a new high in the near future.
Support:$1.70-$1.54
Resistance: $2-$2.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
