- Enjin token price is currently in a downtrend on the daily chart. It has also given a negative cross over in the moving average on the daily chart
- ENJ token price is currently in a downtrend with a loss of 15% in the intraday session. Meanwhile, ENJ/BTC pair is also seeing the wrath of the bears
ENJ token price is currently trading near the level of $1.22 with an intraday loss of 15%. Enjin has an ROI of more than 4500% which has attracted investors for a long time. It is currently down by 70% from an all-time high but can soon revert back to normal. One can position their funds in the ENJ after the price action phenomena. ENJ/BTC pair is also seeing a bearish momentum but a bounceback in it can be expected soon.
Enjin coin is ranked 72nd with an increase in market capitalization of 22.36%. The volume of the asset price has seen a decrease of 15% in the last 24 hours. The volume to market capitalization ratio for the ENJ highlights a downtrend for the upcoming days.
Technical Indicators Hints The Continuation Of Downtrend In The ENJ Token Price
The weekly technical chart of the price hints at the continuation of the downtrend. On the daily chart, the price is seeing a halt in the downtrend. ENJ token price can see the hostility in the price on the upside at $2.5. In contrast, the support region for the price can be seen near $0.5. The price is currently trading below 50 and 100 Daily Moving Average. There is a negative cross-over on the daily chart which can push the price further below. The 50MA (Blue) line is at $1.8 making it a temporary resistance for the price. There is a downside parallel channel formation in the chart. If the price breaks down above the parallel channel then a strong uptrend in the price can be seen.
MACD(Bearish): MACD of the asset shows a negative momentum. There is a negative crossover in the signal line on the daily time frame. The bars of the histogram also shows sign of bearish momentum. The overall sentiment of the MACD is bearish.
Conclusion
ENJ token price has given great returns to the investors in the past and can do the same in the future. ENJ/BTC pair might also see an uptrend in the future. An Investor can do their due diligence before investing.
Technical Levels
Major Support:$0.5
Major Resistance:$2.5