Enjin Coin Price Prediction: ENJ on brink of colossal 45% breakout


  • 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 price

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 price

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 price

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 price

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. 

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

BEST CRYPTO BROKERS/EXCHANGES




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

BTC

ETH

XRP