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- 1 ENJ’s price is preparing to take a bullish turn.
- 2 The current price of ENJ price is $ 0.3487 with a change in the 7-day trading volume of -4.89%.
The ENJ price at present is trading under all the major key averages near its previous support level. For the past few weeks, the bulls have been making constant attempts to break above their crucial barrier, though they have not been able to yield the desired result as of yet. The price is making a bullish cup-like pattern which is often formed before the price makes a positive reversal.
Despite the bullish price pattern, the majority of the technical MA and EMA are favoring the bears, the RSI indicates that the price can make a bullish recovery. Though Stochastic RSI has already reached the oversold levels.
The present value of ENJ is $0.34, with a market cap of $348.86M.
A Spike in Social Engagement and Bullish Sentiment in ENJ Token
The investor’s sentiments are gaining a bullish edge. Total Bullish Sentiment metrics are currently observing a surge of 19.91% within the last week. A sharp increase is also seen in the Total social engagement level of 154.6% according to the LunarCrush. These metrics suggest that potential buyers are getting more active across various media platforms.
Technical Analysis (1-Day Timeframe )
If the price acquires sufficient support from the buyers near $0.3000 it can make a bullish rally of 12% within the next few days. Its recent resistance level is around $0.3900 price near the 100 EMA.
The RSI line recently gave a positive crossover above 14 SMA. The value of the RSI line at present is 42.29 points; 14 SMA is providing resistance to the RSI line at 36.54 points. As the RSI line is taking support from the 14 SMA trading near oversold levels after taking rejection from the median line.
The current value of Stochastic RSI is 84.52 points. Stochastic is trading around the overbought level at present where the %K may soon give a bearish crossover to the %D line on the daily timeframe. It may start consolidating near this level if the price continues its bull trend.
Conclusion
ENJ’s major trend is bearish. ENJ price will require significant support from the buyer in order to recover its value from current levels in the near future. The price is currently in the early stage of a reversal. It recently made a bullish hammer after which the price is making a Cup like pattern. Though it is facing strong resistance from the crucial SMA and EMA levels on the daily timeframe.
Technical levels –
Support – $0.3000
Resistance – $0.4000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they 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.
