- Enjin token’s investors are trying to hold the asset price for stability after losing a cost of 52% from 6 weeks highest peak.
- Enjin coin is exchanging below the major moving averages (including 20,50, and 200 MAs), which is reflecting the weakness in the asset for the short-term view.
- Enjin price with bitcoin pair is slightly bullish by +2.24% at 0.00004375 BTC.
After the down-channel breakout, the token made a fantastic 51.75 % rally, reaching a three-week high on 27 December. The $3.08 barrier represented solid resistance at the time, but it has been slowly declining since then. However, Enjin investors are currently hoping to recoup their losses as the cryptocurrency formed a support level at $1.33.
Enjin token’s price action is showing solid weakness for the long-term view, while ENJ is favorable today by 2.05% at the $1.59 mark. However, over the past 2-Hours trading volume slipped by 11.75% at $250 million. From an ATH level to till now, ENJ token has lost around 66% of the cost. But now, investors are pushing upside the asset price after forming the support level. The Volume and Market capitalization ratio is 0.1827, as well as 0.08% market dominance in the entire cryptocurrency.
If we look at the ENJ token’s past, the 20-day moving average stood to be the point of volatility. When the token’s price broke the falling wedge pattern to the upside, the asset crossed 20 MA resistance level with impressive trading volume. Although, asset fell from 50 MA resistance level. Now crypto is trading below major moving averages (including 20,50 and 200 MAs), becoming the bullish barrier in approaching trading sessions.
Will holders maintain to hold ENJ Token’s price in bullish territory?
Enjin Token price with Bitcoin pair is slightly bullish by 2.25% at 0.00004375 BTC. A couple of trading sessions before, the pair were exchanging in a falling wedge pattern, but it broke down this channel on 21 January and reached near to 0.00003945 BTC. Now the BTC pair is approaching 200 MA as resistance. If buyers pull up the price above 200 MA, then again, it may consume some more trading sessions in the falling channel.
RSI has been displaying a bearish sign as soon as it began moving below the half-line of indicator, which is 50. The RSI is at 34 mark, which occurs in the recovering stage after dropping in the oversold territory.
Conclusion
Enjin token seems in the consolidation stage near the crucial support area of $1.24 as well as RSI is also indicating recovery. If buyers sustain the coin price above this support region, then investing may occur.
Resistance level- $2.15 and 3.3
Support level- $1.33 and $0.91
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
