- 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.
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