- ENJ coin’s price continues to descend after a getting a bullish breakout in the last month
- It also observed a loss in its CMP by 9% since yesterday’ closing mark
- Enjin Coin may stabilize after getting the final dip price at the end of the week to attempt another bullish climb
Enjin Coin’s price is rallying bearish after the crypto’s price went down by 9.72% last week. The coin with a market dominance of 0.1% had its market cap reduced with a decrement of 12.2% during the intraday session. However, the 24-hour trading volume saw a rise in transactions by 60.7% due to a drop in the coin’s price. The 63rd ranked coin paired with BTC saw a significant intraday loss of 5.73%, followed by the ENJ/ETH pair’s decrement of 1.52% during the intraday session.
The hourly chart of ENJ shows the downfall of the coin. The fall continues to the rectangular shaded region where the coin is reached every time it dips. The current position of ENJ at the time of writing the article is near the above-said region. After this, it may bounce back to become bullish for some time during the intraday session, but the overall sentiment stays bearish. The 50, 100, and 200 MA lines rally above the current market price candle, where the 50 and 200 MAs tend to go downwards, while the 100 MA line seems to be gradually rallying upward.
ENJ’s price action to stay neutral with a possibility of trend reversal soon
The MACD in the daily chart of ENJ flat-lines slightly below the zero level while staying above the signal line, indicating a neutral trend in continuation. One can confirm the same from forming a symmetrical triangle with the help of trend lines on the daily chart over the quarter. The current trend may soon end, and another trend may occur. The RSI graph stays inside the neutral zone while indicating moderate demand than usual.
Conclusion- ENJ may continue to stay in the current trend for another week before a trend reversal occurs. One may consider day trading if they keep Enjin as their first choice as it has significant volatile movements on the hourly chart.
Resistance- $3.519
Support- $1.451
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.