• 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

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

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.

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