Lorenzo Stroe
Independent Analyst
- Enjin Coin price had a breakout from a descending parallel channel on the 6-hour chart.
- The digital asset encounters a key resistance level before a new leg up.
- Another significant pattern could be forming in the near term in favor of ENJ.
Enjin Coin price has seen a significant recovery in the last two days and had a breakout from a key pattern on the 6-hour chart. The digital asset now aims to see a new leg up, but faces one last resistance level ahead.
Enjin Coin price needs to crack this barrier for a massive upswing
On the 6-hour chart, Enjin Coin had formed a descending parallel channel from which it had a breakout on April 26. ENJ stopped at $2.63, a key resistance level that needs to be cracked for Enjin Coin price to see a new leg up toward $2.8.
ENJ/USD 6-hour chart
Additionally, on the same chart, Enjin is forming an inverse head-and-shoulders pattern with its neckline established at $2.8. A breakout above this key point has a massive price target of $3.6, which is a 30% move calculated by measuring the distance between the neckline and the bottom of the pattern.
ENJ/USD 6-hour chart
However, in the short-term, for the pattern to even form, Enjin Coin price will have to drop toward $2.12, but a breakdown below $2 would totally invalidate the potential inverse Head-and-Shoulders.
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