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Enjin Coin Price Prediction: ENJ at inflection point awaiting 15% move

  • Enjin Coin price is trading around the middle line of the parallel channel.
  • A surge in buying pressure could surge ENJ 15% toward the upper trend line at $2.65.
  • If sellers manage to pierce through the 50 and 100 SMA, it will lead to a 15% downtrend to $2.06

The Enjin Coin price awaits a clear to establish as buyers and sellers fight to take control.

Enjin Coin price lacks buyers’ conviction

The Enjin Coin price is stuck trading between two stable barriers creating equal highs and lows. A flat parallel channel is formed when the swing highs and series of lows are connected using trend lines.

Since this pattern has no bias, a breakout will be crucial in setting up a clear trend. Therefore, a breach of the upper trend line at $2.65 will signal the start of a new uptrend. However, if the demand barrier at $1.99 is shattered, a downswing will ensue.

At the time of writing, the Enjin Coin price seems to be supported by a confluence of the 100 Simple Moving Average (SMA) at $2.32, and the SuperTrend indicator’s buy signal spawned on March 24. 

Thus, a bounce from this level could result in a 15% upswing toward the upper trend line or the State Trend Resistance at $2.65 set up by the Momentum Reversal Indicator (MRI). 

If such a move were to happen, the $3.60 target for ENJ is determined by adding the channel’s height, 35%, to the breakout point at $2.65.

ENJ/USDT 6-hour chart

ENJ/USDT 6-hour chart

Supporting the bullish outlooks is the addition of four new whales to the ENJ network since April 3 who have joined 395 other investors that hold 100,000 to 1,000,000 ENJ tokens. This increase affirms a positive outlook for the Enjin Coin price.

Enjin Coin whale holder distribution chart

Enjin Coin whale holder distribution chart

The declining exchange deposits combined with the surging daily active addresses further confirm increased adoption and reduced selling pressure for Enjin Coin.

The number of daily active addresses has grown by 35% since March 26 to where it currently stands, 2654. This spike imitates retail investors' interest in the asset at the current price levels.

Enjin Coin daily active deposits and daily active addresses

Enjin Coin daily active deposits and daily active addresses

Despite the bullish momentum, if sellers prevent the Enjin Coin price from growing beyond the upper trend line, a reversal could be underway. Additionally, if the sellers slice the flat channel’s middle line, ENJ could collapse 15% toward the demand barrier at $2.60, coinciding with the 61.8% Fibonacci retracement level.

However, a spike in bearish momentum that causes a breakdown of the lower channel at $1.99 could result in an 8% crash toward the 50% Fibonacci retracement level. This descent could extend to $1.61, which is the 38.2% 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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