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- ENJ price marked a spike of more than 13% intraday.
- Enjin price marked a 40 day high, volume spiked 760% in a day.
Enjin Coin price marked a 40-day high, after the fall witnessed in February. The sudden spike in the price occurred after breaking the rising channel. The ENJ price marked a spike of about 13% in a single trading session. The rise in ENJ coin’s trading volume suggests bulk buying.
The Pictorial
ENJ price shot up with a rise of about 13% intraday. The rising prices can reach for the target level of $0.5140 and mark another high for 2023. The Bollinger Bands spread wide, indicating high volatility in ENJ price action. The divergence in Bollinger Band occurred after the rise, prior to which it moved narrowed down, suggesting a declining volatility. The uptick in OBV suggests a favorable market and the presence of sustained bullish momentum.
ENJ price rise caused the trend to turn extremely bullish for Enjin. The CMF shot up sharply and reached higher ranges to project a hyper bullish trend. The sudden spike was witnessed after a short-fall indicating the bulls took down the bears. The MACD forms a positive bullish divergence and continues to record taller buyer bars. The RSI escalated and moved towards the overbought zone. The present value of RSI in 60-range shows fast growing buyer interaction for ENJ. All bullish indicators in the daily time frame support the rally and try to match the pace.
The Peephole
ENJ price in the four-hour time frame shows an extended bullish trend. The rising trend witnessed a bullish breakout and can aim for higher price levels. The CMF contradicts the rally and sharply falls to oppose the bullish rally. Soon after the drop, it saw an uptick to match the current market trend of prevailing bulls. The MACD witnesses a bullish divergence, the wide gap displays a robust uptrend and records ascending buyer bars. The RSI shot up to the overbought zone and reflects overwhelmed buyers due to the sudden spike in ENJ price.
Conclusion
ENJ price witnessed a price 13% hike, marking a 40-day high. The price-hike was matched by a bulk buying spree by Enjin coin investors. The overwhelming buyers flooded in and turned the market bullish. The uptrend can reach for higher price ranges but can face resistance near $0.5140.
Technical levels
Support levels: $0.3520 and $0.2985
Resistance levels: $0.5140 and $0.5450
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
