- Enjin Coin price’s 13% surge helped breach a falling wedge pattern.
- This setup forecasts a 28% upswing to $2.95.
- ENJ supply barrier at $2.65 could deter this bull rally.
Enjin Coin price shows bullish potential as it broke out of a bullish pattern and hints at climbing higher.
Enjin Coin price confirms resurgence of bulls
Enjin Coin price consistently dropped since March 15, forming a series of lower highs and higher lows. A total of three swing highs and swing lows were created as of March 24.
ENJ’s price action evolved into a falling wedge, drawn by connecting the pivot points using trend lines. This setup is a bullish pattern, forecasting a 28% bull rally to $2.95, which is the distance between the swing high and the swing low added to the breakout point at $2.29.
Supporting this bullish outlook is the SuperTrend indicator’s “buy signal” that was flashed recently.
ENJ/USDT 4-hour chart
Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, a stable support level is present around $2.42. Here, roughly 125 addresses bought nearly 60 million ENJ tokens. Hence, these investors serve as a tailwind to the already bullish outlook for Enjin Coin price.
Enjin Coin IOMAP chart
While the bullish scenario seems to be set in stone, rejection around the Momentum Reversal Indicator’s State Trend Resistance at $2.64 could result in a downtrend.
If this downtrend pieces the breakout line or even the State Trend Support at $1.95, the bullish thesis will be invalidated. In that case, Enjin Coin price could crash 17% to the subsequent demand barrier at $1.60.
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.
Recommended Content
Editors’ Picks
XRP ruling by Judge Torres denied in Coinbase lawsuit, yet another blow to Ripple
XRP programmatic sales ruling by Judge Torres completely rejected by US Court in Coinbase lawsuit. US Court rejected Coinbase’ motion to dismiss SEC lawsuit, weighing heavily on Ripple’s legal battle.
Sushi price eyes $3 after clearing key weekly resistance level
Sushi price flips the $1.628 resistance level into a support floor after a month of struggle. A temporary retracement might be a good opportunity to accumulate SUSHI before a retest of $3. A breakdown of the $1.267 barrier would invalidate the bullish thesis.
Bitcoin Price Outlook: Will $150 billion bank Morgan Stanley send BTC to new ATH?
Bitcoin has recorded increased volatility this week, with most of BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer crypto is bearing the brunt of growing overhead pressure.
Coinbase loses first round of battle against SEC
A day after the SEC filed a lawsuit against Binance last year, it went after Coinbase in a sign that the clampdown is extending to key players in the industry. The latest development in the matter is that the court has ruled in favor of the financial regulator, which means the case will continue.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.