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- The token has shown bearish actions in the previous sessions.
- The pair of ENJ/USDT is trading at the price level of $0.4450 with a gain of 1.32% in the past 24 hours.
The Enjin (ENJ) token highs are rejected by the bears by forming strong bearish candles on the daily time frame. The bulls need to fight harder in order to regain control of the trend.
ENJ token on the daily chart
The token was strongly rejected by the bears near the $0.5104 resistance level on the daily time frame. As we can see on the daily chart, ENJ token is currently trading at $0.4450 with a gain of 1.32% in the past 24 hours. The token has crossed and sustained above the 50 EMA and is trading between its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). It remains to be seen if the bulls can regain control and continue the uptrend or not.
Relative Strength Index: The RSI curve of the asset is currently trading at 52.62 just above the halfway mark of the 50 point line. The recent bearishness in the token has led the value of the RSI curve to decline. The RSI curve has crossed the 14 SMA downward indicating the token is bearish. The token is expected to bounce back from the 50 EMA and continue the uptrend.
Analyst view & Expectations
The token was not able to sustain above the 200 EMA and faced resistance and dropped below the 200 EMA. Investors are advised to hold their buys and wait for the token to break above the $0.5104 resistance level and then buy. Whereas, on the other hand the intraday traders have a good opportunity to go short and aim for $0.3960 and book profits as per their risk to reward ratios.
According to our current Enjin (ENJ) price prediction, the value of the token is expected to rise by 24.13% over the next few days, reaching $0.5497. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 49. (Neutral). Over the last 30 days, Enjin token had 20/30 (67%) green days and 12.14% price volatility.
Technical Levels
Major support: $0.3960 & 50 EMA on the daily chart.
Major resistance: $0.5104 & 200 EMA on the daily chart.
Conclusion
The bears are pushing down the price of the token and forming bearish chart pattern as per the price action.
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.
