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Enjin Coin Price Forecast: ENJ bulls assemble for a 60% upswing

  • 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

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

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.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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