|

Enjin Coin price goes ballistic swinging 60% to the moon

  • Enjin Coin explodes massively after breaking above a descending parallel channel’s upper boundary.
  • Enjin Coin may sustain the uptrend to $0.3 if it closes the day above January 2019’s resistance at $0.25.

Enjin Coin price skyrocketed massively on Friday to trade at $0.25 during the European session. The token’s market cap has gone up by 55% to $205 million, while its volume stands at $125 million, following a 524% upswing.

Enjin Coin recovery remains unstoppable

This cryptocurrency token has ignored the bearish wave across the market, brought about by Bitcoin’s rejection at $40,000. The breakout follows a spike above the descending parallel channel. Moreover, the bullish outlook was boosted after Enjin Coin reclaimed the support above the 50 Simple Moving Average, the 100 SMA, and the 200 SMA.

For now, the least resistance path is upwards, while all eyes are glued on stepping above $0.3, especially now that the crucial January 2019 resistance is in the rearview. Closing the day above this resistance would help sustain the uptrend.

ENJ/USD 12-hour chart

ENJ/USD 12-hour chart

It is worth keeping in mind that reversals are common in such a drastically bullish market. Therefore, it is essential to tread carefully. Note that if Enjin Coin makes a daily close under the 2019 resistance at $0.25, a retreat is most likely to come into the picture with the potential to erase most of the gains accrued on Friday, perhaps retest the channel’s upper boundary.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.