- Enjin Coin price suffered a breakdown from a head-and-shoulders pattern.
- The digital asset lost a critical support level, adding credence to the bearish outlook.
- The cryptocurrency market is under significant consolidation.
The entire cryptocurrency market suffered a deep correction, losing $310 billion in market capitalization over the past three days. The momentum has clearly shifted in favor of the bears, and ENJ is on the verge of another leg down.
Enjin Coin price could be in big trouble
On the 1-hour chart, ENJ had a breakdown from a head-and-shoulders pattern formed in the past 48 hours. The neckline support was formed at $2.33, and the digital asset is trading at $2.26 at the time of writing.
ENJ/USD 1-hour chart
The price target of this breakdown is a low of $1.91. Additionally, the number of whales holding between 1,000,000 and 10,000,000 has sharply dropped from 62 to 57 in the last three days, indicating that large holders are profit-taking and do not believe ENJ will bounce back up.
ENJ Supply Distribution
On the daily chart, ENJ bulls have managed to keep the digital asset above a crucial support trend line that coincides with the 50% Fibonacci retracement level. A bounce from this point could quickly drive Enjin Coin price toward the 61.8% level at $2.6.
ENJ/USD daily chart
There is not a lot of resistance ahead if ENH bulls can defend this key level. A breakout above $2.6 could even push ENJ to $3.2.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?