- Enjin Coin was currently at $0.5626 with an increase of 16.15% during the intraday trading session.
- The 24-hour low of ENJ was $1.11 and the 24-hour high of ENJ was $1.24.
- The current Enjin Coin price is above 20, 50, 100, and 200-Days EMA.
The pair of ENJ/BTC was currently trading at 0.00002302 BTC with a rise of 14.50% over the intraday trading session.
Enjin price analysis suggests that it is currently in a bullish phase. 2022 can be said to be a very volatile year for ENJ as it has lots of ups and downs but most of the year ENJ was in decline which suggests that sellers were in control of the market for most of the year. Near the end of 2022, sellers forced ENJ to even break its primary support of $0.4089. On the last day of 2022, ENJ made its new 52-week low. But after the start of 2023, ENJ started rising gradually and breaking its primary support and reaching its primary resistance of $0.5362.
The appearance of a bullish Marubozu candlestick over the daily trading chart indicates that bulls have control over the market. Marubozu has also broken the primary resistance which indicates a bullish breakout which shows that the strength of bulls has not decreased. If buyers push themselves then ENJ may reach its secondary resistance and enter its supply zone or distribution phase.
The volume of the coin has increased by 305.43% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of ENJ, which represents strength in the current trend.
The technical analysis of Enjin Coin:
RSI is increasing from the overbought zone and has shown a positive crossover which indicates that the buyers are coming in the majority and pushing ENJ upwards. This suggests the strength of the current bullish trend. The current value of RSI is 65.15 which is above the average RSI value of 56.41.
The MACD and the signal line are increasing and intersecting and also showing signs of a positive crossover, which also supports the RSI indicator. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Enjin Coin price analysis suggests that ENJ is currently in a bullish trend. On the last day of 2022, ENJ made its new 52-week low but after the start of 2023, ENJ started rising constantly breaking its primary support and resistance with the help of the bullish Marubozu candlestick. The increase in volume indicates positive market sentiments towards ENJ. RSI and MACD both are rising and have shown positive crossover which shows the strength in the current bullish trend, as per the technical indicators.
Technical Levels-
Resistance level- $0.5362 and $0.724
Support level- $0.4089 and $0.2130
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.