Enjin Coin Price Forecast: ENJ is primed for further downside action
- Enjin Coin price had a breakdown from a symmetrical triangle pattern on the 4-hour chart.
- The digital asset has a bearish price target of $1.8 in the long-term.
- A key indicator has presented a strong sell signal for ENJ.
Enjin Coin had a notable breakdown from a symmetrical triangle pattern on the 4-hour chart, but the price target of $1.8 has not been met yet. Nonetheless, other indicators show ENJ is poised to continue falling. However, ENJ buyers still have hope, but they must crack a key resistance level to gain the upper hand.
Enjin Coin price should quickly drop towards $1.80
The price target of the symmetrical triangle is $1.80. After an initial breakdown towards $2.14, ENJ had a leg up towards the previous support trendline but was rejected and trades at $2.27 at the time of writing.
ENJ/USD 4-hour chart
Furthermore, the TD Sequential indicator presented a sell signal on the 3-day chart, adding credence to the bearish outlook. However, there is still a chance for the bulls to turn things around.
ENJ/USD 4-hour chart
To invalidate the bearish outlook and the sell signal on the 3-day chart, Enjin Coin buyers must push the digital asset above $2.50 which would also break the previous support trendline of the symmetrical triangle. A breakout above this point has the potential to drive Enjin Coin price towards $2.80.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
