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- 1 Enjin Coin price (ENJ) slid 0.34% in the last 24 hours and is currently trading at $0.290.
- 2 Enjin Coin(ENJ) whales data states that the whales hold a total of 46.01% of the supply with a significant addition of 2.01% in their portfolio, over the past 1 year.
Enjin Coin (ENJ) is a digital currency that backs the value of blockchain assets like NFTs. Every NFT created with the Enjin Platform has ENJ locked inside it and removed from the market. This gives NFTs many advantages, such as: having a minimum value, being transparent and scarce, being easily tradable, and having utility in games and apps.
The Enjin Coin price is currently trading at $0.290 with a decline of 0.34% in the past 24 hours. ENJ coin holds a total market cap of $289.85 Million and ranks 108th in the crypto market.
ENJ token has a trading volume of $13.28 Million with a decline of 3.80% over the past 24 hours. It has over 1 Billion tokens in circulating supply. The volume-to-market cap ratio of the ENJ token is 4.59% indicating low volatility in the market.
Enjin Coin Price Prediction Using Price Action Strategy
Enjin Coin price analysis shows that the token soared 120% in January 2023, changing from a downtrend to an uptrend. Then, the price entered a correction phase, making lower highs and lower lows. The price also faced resistance from a trendline and declined.
Recently, the price rebounded from the demand zone with an increase in volume, but could not break above the trendline resistance. Currently, the price is consolidating near the trendline resistance.
If the price breaks and stays above the trendline resistance, it may signal a trend reversal from the correction phase to the uptrend phase. This may attract more buyers and push the price higher.
ENJ Price Forecast from Indicators’ point of view
As per the EMA analysis, the ENJ price is currently below the 200 EMA which shows long-term bearishness in the market. Also, the price failed to sustain above the 50 EMA which shows weakness in the short term.
At the time of publishing, the RSI value of the ENJ token is 44.75 and that of the SMA line is 44.81. RSI is declining suffering rejection from the SMA line signaling a slightly bearish sentiment in the market.
MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with decreasing height indicating the end of a bearish sentiment in the market.
Conclusion
Enjin coin price prediction concludes that the token rose 120% in January 2023, then corrected and faced a trendline resistance. The price bounced from the demand zone, but could not break the resistance. The price is now consolidating near the resistance. A break above the resistance may indicate a trend change and push the price higher. The Indicators are showing a mixed reaction to the short-term trend.
Technical Levels
- Support levels: $0.238 and $0.202.
- Resistance levels: $0.334 and $0.414.
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 or stock 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.
