Enjin Coin The price managed to climb above the short-term horizontal resistance by reclaiming a very critical area. It has the range to rise to yearly highs in the near future.
ENJ price has been trading in the range of $0.24 to $0.5 since November 2022. Both the support and resistance of this range were tested several times, confirming the validity of the range. In August 2023, ENJ price fell below the range, signaling that the long-term downtrend will continue.
However, this turned out to be a false breakout as the price consolidated below the support of the range and retook it during the week of October 23-29. Such deviations are also known as bear traps and indicate an upward movement in the sorbasub.
As reported by Koinfinans.com, Enjin Coin price has risen from the range support over the last 5 weeks and is currently continuing to form a bullish candle.
The weekly RSI has risen from the 50 level and is biased to the upside, supporting the potential for further gains. If the price continues to rise, the key resistance to watch will be the ‘range resistance’ located at the $0.5 area, which is 47.99% higher than the current price.
The daily chart shows that Enjin Coin price broke above the horizontal resistance at $0.32 and confirmed it as support over the last two days. This indicates a continuation of the previous uptrend.
The daily RSI is above 50 and sloping upwards, indicating that the bulls have an advantage. Therefore, ENJ price might rise to the next resistance at $0.4 in the coming days.
The most likely scenario shows that the Enjin Coin price will continue to rise in the near future. While the immediate target is at $0.4, the potential to reach $0.5 is also noteworthy.