Enjin (ENJ) Coin Analysis: Potential Continues to Increase!

ENJ, showed impressive recovery after minor retracement phase. The token is up nearly 50% from this week’s low and is also $3.53 Highest Resistance of All Time broke it too. Continuing token price above this resistance could initiate a strong rally in ENJ.

Important Technical Levels

  • ENJ price action forms a ‘cup and handle’ on the daily time frame chart. This could indicate an excellent opportunity for investors.
  • The daily RSI chart shows a significant bearish trend for ENJ price.
  • The intraday trading volume of the ENJ token stands at $1.6 Billion, an increase of 51.4%.

The neckline of the cup and handle pattern also represents the ATH resistance level, representing $3.53. On November 19, ENJ made a deceptive break out of this overhead resistance and triggered an entry signal for traders.

The key EMAs (20, 50, 100 and 200) indicate strong bullish alignment for ENJ. Also, the 20 EMA lines provide strong support to the token price.

in 69 Relative Strength Indexindicates that the token continues its bullish sentiment. However, the RSI is showing a significant bearish divergence on its chart which shows doubts for this bullish rally.

ENJ/USD Chart: 4-Hour Timeframe

ENJ price is back to the $3.53 neckline to check for favorable support. The chart showed a 4-hour bullish candle, indicating strong bullish momentum in this token. However, bearish divergence in RSI should not be overlooked and thus crypto traders should follow strict risk management if they enter with a long trade.

Based on daily-traditional pivot levels, the closest resistance for this token will be $4.66 and then $5.85.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

source site