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- Token is trading below the demand zone on a daily time frame.
- The pair of ENJ/USDT is trading at the price level of $0.36 with a gain of 0.58% in the past 24 hours.
On a daily time frame, ENJ token is trading below the demand zone. The Token has been gaining traction in recent days. Enjin Coin is an Ethereum Blockchain coin. Consider it a digital coin that can be used on a variety of websites and online games. It may also be exchanged for other types of digital property such as game goods or in-game currency.
ENJ on the daily chart
The token was trading in a downward parallel channel, with the price respecting the channel’s highs and lows. ENJ token has broken through the downward parallel in an upward direction. As we can see on the daily chart, ENJ token is currently trading at $0.36 with a gain of 0.58% in the past 24 hours. It is trading between its 50 and 200 EMA moving averages. (Red line is 50 EMA and the blue line is 200 EMA).
Relative Strength Index: The asset’s RSI curve is currently trading at 80.54, indicating that it is in a strong overbought zone. The rise in the price of the token has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the token’s price increases in the coming days the value of RSI curve will remain in the overbought zone.
Analyst view & Expectations
Token has shown signs of bullish momentum by breaking out of the downward parallel channel and 50 EMA on the daily time frame and sustaining above it. However, it is still trading below its previous demand zone. Investors are advised to wait for the token to close above $0.41 before buying. Intraday traders, on the other hand, have a good opportunity to go long if the token breaks above the $0.41 resistance level and short if a strong bearish candle forms near the resistance level.
According to our current Enjin Coin price forecast, the value of Enjin Coin is expected to climb by 0.94% in the next few days, reaching $ 0.365510. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 45. (Fear). Over the previous 30 days, Enjin Coin had 19/30 (63%) green days and 10.21% price volatility. According to our Enjin Coin forecast, now is a good time to buy Enjin Coin once it breaks above the resistance level.
Technical Levels
Major support: $0.31
Major resistance: $0.41
Conclusion
The token appears to be in a good position, with bulls driving up the price and forming a bullish chart pattern. Investors should wait for the token to break over the resistance level for further confirmation of the trend.
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
