Enjin Price Analysis: ENJ Reaches its 18-Months Low, Will There be a Recovery in 2022?

• Enjin token (ENJ) price heads to the 18 month lower level of $0.378.
• On the daily price scale, the ENJ trades within a wide horizontal range between $0.44 and $0.75.
• The market cap is up 6.3% so far this week.

Enjin Token (ENJ) is extremely bearish on higher time frames such as Daily and Higher. The sale has been taking place since its peak, where profit booking by buyers brings bad conditions for the property. The ENJ token declined with each rise as traders can clearly see on the weekly time frame.

Amidst the sell-off, each previous swing high became a selling zone for the bears. In such a situation, the upcoming trading session will not be easy for early investors. Thus investors have lost about 89% of their cost as it hit an all-time high of $4385. Now the $0.378 mark is the last hope for the buyers to return.

However, buyers are looking bullish this week, resulting in a 6.3% increase in the coin so far. Meanwhile, the altcoin is trading at the $0.521 mark against USDT at press time. Moreover, the ENJ/BTC pair price is up 3.6% at 0.0000265 Satoshis. Similarly, the market cap is up 2.6% to $521 million in the last 24 hours.

ENJ Token is in Wide Horizontal Range 

In terms of the daily price scale, the Enjin token appears to be in a range between support and resistance of $0.44 to $0.75. So as long as the price is not inside the range there is no upside trend. The RSI sees flat at the 40 levels as the ENJ price is trading below the 20-day EMA (white).

Conclusion

The Enjin Token (ENJ) is extremely sideways in all time frames. The RSI is also flat at the 40 levels and there may not be any bullish rally below the horizontal range of support and resistance from $0.44 to $0.75.

Resistance level- $0.80 and 1.0

Support level- $0.40 and $0.30

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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.