Enjin Coin Price Forecast: ENJ could take a breather before rallying 25%
- Enjin Coin price has surged nearly 75% in the last two days.
- This bull rally has slashed the previous all-time high at $1.51 and created a new one at $1.95.
- Now, ENJ could take a small breather before rallying another 25%.
Enjin Coin price has gone parabolic in the last few days and could retrace 13% due to a sell signal presented by the Tom DeMark (TD) Sequential indicator.
Enjin price eyes a higher high
Enjin Coin price shows massive buying activity, which has led to the creation of an interim all-time high at $1.95. Although the altcoin prepares for another bull rally, there could be a small correction as the TD Sequential indicator has presented a sell signal in the form of a green nine candlestick on the 6-hour chart. This technical formation forecasts a one-to-four candlestick correction.
This drop will be followed by a spike in bullish momentum that will push Enjin Coin price by 25% to a new all-time high at $2.38, which coincides with the 161.8% Fibonacci retracement level.
ENJ/USDT 6-hour chart
The said correction could push ENJ down by 10% to a stable support barrier at $1.63. Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, 1,650 addresses purchased 12.78 million ENJ here. Hence, any short-term selling pressure will be quickly absorbed by the investors who have accumulated Enjin Coin in this price area.
Enjin IOMAP chart
On the other hand, investors need to note that if the support at $1.63 gives in, Enjin Coin price could drop to $1.51, which is the previous all-time high and coincides with the short-length exponential moving average (25 EMA).
Author
Akash Girimath
FXStreet
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.
