- The Enjin coin price has declined by over 45% in a year.
- The current market price of the ENJIN coin is $0.2495.
- The ENJ coin’s price has recently given a breakout of the descending triangle pattern.
Enjin was founded in 2009 by Maxim Blagov and Witek Radomski as a gaming platform. Maxim Blagov is serving as the Chief executive officer while Witek Radomski is the Chief Technical Officer. The market capitalization of the ENJIN coin is $249 million and the total supply is 1,000,000,000 ENJ.
The Enjin coin has been on a downtrend since November 2021 when it had created an all-time high of $4.85. The coin price has declined by about 95% from this high. It created an all-time low of $0.01562 in 2017 and is trading 1400% above the low. In 2023, the ENJ coin showed great strength in the first two months and it witnessed complete dominance by the bulls. However, after March, the coin price started its bearish trend and it has declined by over 55%. This lasted till the middle of October and then the coin price swiftly recovered from a lower level.
Will the Bulls make a Comeback?
The ENJ coin price has declined over 9% in the previous three trading sessions. It has formed a falling wedge pattern on the daily chart and has recently given a breakout from this. After the breakout, the coin price surged sharply from the lower level and showed a massive increase of over 50%.
The ENJ coin’s price recently faced resistance near the level of $0.2987 and formed a giant bearish candle, i.e., shooting star. The coin price has witnessed some selling pressure since then. The supports for the price are present at the levels of $0.2021 and $0.1116. Apart from $0.2987, the other resistance for the price is present at the level of $0.3711.
What the RSI and EMA are Indicating About the ENJ Coin?
The ENJ coin price is currently facing a strong hurdle with the 200-day exponential moving average (EMA). The coin price has regained control of the 50-day EMA. This can be an early sign of a trend reversal and if the price rises above the 200-day EMA, it will confirm this. The relative strength index (RSI) is curving at 57.23, which is a positive sign but the curve is sloping down which indicates that the bulls have lost momentum.
Conclusion
The ENJ coin price is facing strong resistance and the bears are tightening their grip on the price. Presently, the bulls need some reinforcement to defeat the sellers. A good upside is possible only if the price crosses the recent swing high of $0.3159.
Technical Level
- Resistance – $0.2987 and $0.3711
- Support – $0.2021 and $0.1116
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.