· Enjin Coin coin is moving inside an ascending triangle pattern.
· Enjin Coin (ENJ) price has fallen 37% in one year.
Enjin Coin (ENJ) coin’s price is moving downward. The cost of ENJ is forming a pattern of lower lows. Currently, the price is moving inside an ascending triangle.
Financial Data of Enjin Coin (ENJ)
The current market price of Enjin Coin is $0.22, which has declined by 15.3% as per the Lunar Crush. The coin’s market cap is $221.53 million, which is reduced by 15.3%. The total bearish sentiment in the currency has risen by 53%, this indicates that the sellers are dominating the market and the negative sentiment is increasing.
Enjin Coin (ENJ) ‘s current price is $0.221 USD, with a 24-hour trading volume of $19,131,194. Over the past 24 hours, Enjin Coin has experienced a 1.05% decrease in value.
ENJ coin reached its highest point of $4.85 back in November 2021. Since then, it has been on a downward trend, with a significant drop of nearly 95.4% by December 2022. However, the price found support at the $0.21 level, leading to a subsequent 150% surge. Unfortunately, this bullish phase didn’t sustain for long, and the price resumed its decline.
This price movement has given rise to a descending triangle pattern in the market, with the price currently hovering near the support level. In the weekly timeframe, the overall pattern appears weak, suggesting a likelihood of further decline in the coming days.
Enjin Coin (ENJ) Technical Analysis
The ongoing downtrend has caused the price to fall below the 50-day and 100-day EMA levels, which is not a favourable sign for the coin.
Currently, the RSI is below the 50 level, indicating that the price is in a negative zone, and there is a potential for further price declines.
Additionally, the MACD is positioned below the signal line, suggesting the presence of bearish pressure on the price, which could lead to further downward movement.
Conclusion
In conclusion, the Enjin Coin (ENJ) coin is making a bearish structure on the charts. The coin trades below the EMA levels, and RSI is also negative. The overall structure of the currency is weak, and the total bearish sentiment is also increasing. Looking at the given scenario, the price is expected to decline.
Technical Levels
· Support Level: $4.2
· Resistance Level: $11.3
Disclaimer
The views and opinions of the author or anyone named in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
