- Enjin Coin price is bounded inside a bull flag on the 4-hour chart.
- The digital asset must crack one critical resistance point for a massive breakout.
- Large investors have been profit-taking, increasing the selling pressure on ENJ.
Enjin Coin has been under consolidation for the past week, but on-chain metrics still favor the digital asset. ENJ bulls are trying to push Enjin above a crucial resistance level to see a massive breakout.
Enjin Coin price faces one significant resistance area before new all-time highs
On the 4-hour chart, Enjin has established a bull flag with a resistance trend line formed at the psychological level of $3. A breakout above this point has a final price target of $4.36, calculated using the height of the flagpole as a reference.
Before the maximum price target, Enjin Coin can briefly stop at $3.57, a high established on April 10, and the previous all-time high of $4.
ENJ/USD 4-hour chart
The In/Out of the Money Around Price (IOMAP) also shows a significant resistance area between $2.98 and $3.15, where 5,600 addresses purchased 89 million ENJ coins.
A breakout above this range adds a lot of credence to the bullish outlook.
ENJ IOMAP chart
On the other hand, it seems that the number of new and active addresses, which peaked on April 9, is decreasing significantly, which could mean investors aren’t as interested in buying Enjin Coin at the current price levels.
ENJ network activity
Additionally, the number of whales holding between 1,000,000 and 10,000,000 ENJ has significantly decreased since March 2, from 80 to a current low of 62. This indicates that large investors are taking profits and believe Enjin Coin has reached its top.
ENJ supply distribution
A rejection from $3 could drive Enjin Coin price down to the bull flag's lower trend line located at around $2.7.
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
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
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?