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- The coin has entered an uptrend on the daily chart.
- A bull run can be seen after a consolidation zone breakout.
Enjin Coin (ENJ) has been in a downtrend for the past many months but recently after hitting its support level, it bounced back and showed a great bull rally. The coin was currently at its resistance level and has gone into a consolidation zone.
ENJ on a daily time frame
A horizontal line is drawn on the daily chart. This horizontal line has acted as one of the strong resistance for the coin. The coin has tried to break these horizontal line price levels several times in the past but after the breakout, it could not show a huge bull rally, instead, the price went to one of its near resistance and then fell back to this resistance again. Only once in March 2021, the coin broke out and saw a huge bull rally. Currently, we can see the coin consolidating at current levels, therefore if the coin breaks out of this consolidation zone then we can again see the price going up to its next near resistance i.e. $0.57308126.
MACD – Currently, the MACD indicator is not giving any buy signal to investors. The indicator has not shown any bullish crossover yet. This means that there is the same number of buyers and sellers in the market.
Relative Strength Indicator (RSI) – The RSI curve was currently trading over the 50-point level at 66.67. The price increase for ENJ has increased the RSI curve’s value. If the price continues to rise, the RSI curve will rise as well.
Analyst views and expectations
Currently, the coin does not look good for long-term investment purposes but the coin can generate some good returns for short-term investors after a consolidation zone breakout. Long-term investors can look forward to investing in ENJ, once it crosses its major resistance.
Enjin coin is a bad long-term investment option, says WalletInvestor. The price forecast for 2024 is $0.0289 and a decline in price is anticipated.
Many Enjin Coin price forecasts have been made and the ENJ price may rise if the community concentrates on lowering transaction fees, claims Changelly. Before the end of 2025, the ENJ price may reach $0.819918, making it a profitable investment.
The projected maximum price for Enjin Coin in 2025 may be $0.89, according to DigitalCoinPrice’s price prediction. The minimum and average prices might be $0.73 and $0.80 respectively.
By February 8 this year, the value of Enjin Coin is anticipated to increase by 13.65% and reach $0.522060, according to Coin Codex’s current price estimate. Its technical indicators indicate that the current sentiment is neutral.
Technical Levels
Major resistance- $0.72130405
Major support- $0.23370919
Conclusion
The coin looks good for short-term investors at present time.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
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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.
