- Enjin Coin price is at an inflection point, a swift move above which could propel it by 25%.
- On-chain indicators support a move higher for ENJ.
- A breakdown of the support level at $1.412 will invalidate the bullish scenario.
Enjin Coin price shows a higher possibility of an uptrend that could test a critical supply barrier. On-chain metrics add a tailwind to this scenario, hinting that ENJ is primed for a swing high.
Enjin Coin price poised for a move higher
Enjin Coin price is currently trading at $1.602 after facing rejection at a minor resistance level at $1.693. If the buyers slice through this barrier, ENJ will likely rally 25% into the supply zone that extends from $1.922 to $2.234.
Enjin Coin price will likely create a third equal high at $2.01.
ENJ/USDT 4-hour chart
Supporting this move higher is the accumulation that ENJ investors are witnessing. From May 23 to date, whales holding between 1,000,000 to 10,000,000 tokens have increased from 53 to 59.
This 11% rise suggests that these market participants believe in the performance of Enjin Coin price.
ENJ supply distribution chart
Furthermore, there seems to be no immediate threat of a sell-off, as confirmed by the whale transaction metric. In fact, transfers worth $100,0000 or more have declined from 74 on May 27 to 1 on May 29, suggesting an extremely low possibility of a potential spike in selling pressure.
ENJ whale transaction count chart
While things seem to be looking up, investors need to note that the directional bias for Enjin Coin price after tagging $2.01 is unknown. Therefore, market participants need to exercise caution here.
A potential downswing could evolve here after hitting $2.01. Supporting such a move is the slight increase in the supply of Enjin Coin held by exchanges from 343 million to 345 million ENJ from May 23 to date.
ENJ supply on exchanges chart
If Enjin Coin price fails to breach the immediate resistance level at $1.693, it will signal weakening buying pressure. In that case, a breakdown of the support at $1.412 will invalidate the bullish thesis detailed above.
Under these circumstances, Enjin Coin could slide 10% to retest the swing low set up on May 30 at $1.235.
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
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective 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.
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?