Enjin Coin Price Prediction: ENJ bulls at crossroads after hitting a local top

  • Enjin Coin shows a slowdown in bullish momentum around the $1.94 level, which coincides with the MRI indicator’s breakout line.
  • Although unlikely, a rejection at the recent all-time high could trigger a 35% correction to $1.06.
  • A continuation of bullish momentum will occur if buyers push ENJ above $1.94

Enjin Coin price seems to have hit a brick wall and suggests depletion of bullish momentum. Now, ENJ is at an inflection point as both the buyers and sellers fight to take control.

Enjin Coin at a make-or-break moment

Enjin Coin price has risen 235% in the first week of March and more than 1,400% in year-to-date returns. After such a massive parabolic rally, ENJ seems to have run out of bullish momentum after hitting a new all-time high at $1.94. 

Interestingly, the $1.94 level coincides with the Momentum Reversal Indicator’s (MRI) “breakout line.” This blue solid line on the daily chart represents a strong uptrend seen so far. A decisive close above this level will see a continuation of the bull rally. However, a rejection here could result in a reversal of the trend to the immediate demand barriers. 

The daily candlesticks formed after getting rejected at MRI’s breakout line were correction candles and hints at a continuation of this pullback.

ENJ/USDT 1-day chart

ENJ/USDT 1-day chart

According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, there are two stable demand barriers present below ENJ’s current price. The first support level that ENJ sellers will encounter is $1.63, where 2,300 addresses have purchased roughly 32 million ENJ tokens. If, for some reason, this barrier is breached, then Enjin Coin price will head to $1.49, where 32 addresses hold 45 million ENJ.

Although unlikely, a massive spike in selling pressure could invalidate these barriers and drag Enjin price down to the 78.6% Fibonacci level at $1.06.

Enjin IOMAP chart

Enjin IOMAP chart

However, investors need to note that a resurgence in buying pressure leading to a daily candlestick close above the breakout line will trigger a FOMO among retail buyers. In this scenario, Enjin Coin price could quickly surge towards the 127.2% Fibonacci level at $4.2, mostly due to the presence of little-to-no resistance ahead.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP Price Forecast: Ripple bulls charge ahead, $2 incoming

XRP price shows a solid bullish bias that has led to a 25% spike over the last 24 hours. Ripple retraces 7% as bulls take a breather after facing rejection at $1.76. A 20% upswing will push the remittance token to new yearly highs at $2.

More Ripple News

Ethereum Classic looks primed to retrace following 260% rally

Ethereum Classic price displays a lack of bullish momentum as it consolidates below $96.94. A 15% pullback to the immediate demand zone that ranges from $72.23 to $79.37 seems likely. ETC will face a make-or-break point around this support barrier.

More Ethereum Classic News

Chiliz anticipates 50% gains

Chiliz price recently bounced off a critical support level at $0.473 and eyes a 50% upswing. CHZ needs to slice through a significant supply zone that extends from $0.593 to $0.657 to seal its bullish fate. A breakdown of the $0.430 support level will signify the start of a new downtrend.

More Chiliz News

Ethereum consolidates, but on-chain indicators predict another blastoff soon

Ethereum price is tightly wound as its range-bound movement continues after setting up an all-time high on May 5. ETH might retest its swing low before surging higher and potentially rallying to new highs.

More Ethereum News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast