- Enjin Coin price moves like clockwork as it trades inside an ascending parallel channel.
- ENJ seems poised for a 60% upswing as it bounces off the setup’s lower boundary.
- The contrast between the supply held by exchange and non-exchange addresses back the bullish thesis.
Enjin Coin price is poised for another bull rally as it bounces off a crucial support barrier inside a technical formation.
Enjin Coin price primed to print a new all-time high
Enjin Coin price created three higher highs and two lower lows in the last two weeks or so. By connecting these pivot points using trendlines, an ascending parallel channel forms. On March 17, the ERC-20 token formed the latest reaction low leading to a 15% upswing as of this writing.
Now, a continuation of this upswing suggests a retest of the upper trendline. For this bullish scenario to play out, Enjin Coin price needs a 60% surge, which puts it very close to the 261.8% Fibonacci retracement level at $4.16.
The 161.8% Fibonacci retracement level at $2.98 could serve as a pitstop for this bull rally. Interestingly, this level approximately coincides with ENJ’s all-time high at $3.08. Hence, buyers need to get past this level to have any chance of climbing higher.
ENJ/USDT 4-hour chart
Adding credence to this outlook is the divergence between the Enjin Coin supply held on and off exchange addresses.
Since March 2, the amount of supply held by non-exchange addresses has skyrocketed 18% to 239.9 ENJ million. However, during the same time, exchange-held addresses’ supply has plummeted from 292 million to 272 million, which is a 7% drop.
Enjin Coin supply held by exchange and non-exchange addresses chart
Regardless of the bullish outlook, investors need to pay close attention to Enjin Coin price. A breakdown of the parallel channel’s lower trendline leading to a decisive close below $2.25 will invalidate ENJ’s bull rally thesis.
In such a case, the ERC-20 token could slide 10% to an immediate demand barrier at $2, coinciding with the 78.6% Fibonacci retracement level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?