- Enjin Coin has broken out of a bull flag, suggesting a 65% upswing on the horizon.
- Transactional data confirms stable support levels as opposed to minor supply barriers, supporting the bullish outlook.
- Addresses holding between 1,000,000 to 10,000,000 ENJ have increased by 4.5%, hinting at whale accumulation.
The Enjin Coin price has confirmed a bullish breakout that could propel the token to new all-time highs.
Enjin Coin aims for new highs
On the 6-hour chart, Enjin Coin shows a downward sloping price action seen after a 185% upswing. While the initial spike in price can be viewed as a flag pole, the consolidation that followed can be considered a flag.
The bull flag is a continuation pattern that projects a 65% upward trajectory for ENJ, determined by adding the flag pole’s height to the breakout point at $2.32. This target places the Enjin Coin price at $3.83.
ENJ’s price spike on March 28 confirmed a bullish breakout that kickstarted the 65% bull rally to new highs. Enjin Coin needs to slice through the overhead barrier produced by the Momentum Reversal Indicator (MRI) at $2.64.
This move will serve as a secondary confirmation and catapult the token higher.
ENJ/USDT 6-hour chart
Adding credence to this bullish thesis is the lack of resistance as opposed to multiple stable support barriers as portrayed by IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model.
According to the IOMAP cohorts, 2,500 addresses that purchased 12.11 million ENJ at an average price of $2.47 will be the only deterrent.
Enjin Coin IOMAP chart
Whales holding between 1,000,000 to 10,000,000 ENJ have increased their holdings from 16.4% to $17.2%, which is a 4.5% increase since March 23. This uptick in ENJ tokens held by high net worth individuals is bullish in that it displays their optimistic outlook on Enjin Coin at the current price levels.
Enjin Coin whale distribution chart
While everything seems to be looking up for the Enjin Coin price, investors need to pay close attention to the 50 Simple Moving Average (SMA) at $2.32. A breach of this level could be the first sign of trouble.
If the bears manage to slice through this level, it will put 3,500 addresses holding nearly 110 million ENJ “out of the money.” Such a move might trigger a 9% drop to the 100 SMA at $2.12 or a 15% retracement to MRI’s breakout line at $2.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.