• Enjin Coin price is quietly forming a head-and-shoulders bottom pattern.
  • IOMAP data shows notable resistance along the potential neckline.
  • ENJ has grown into a leading ecosystem of integrated digital products, for trading and monetizing games.

Enjin Coin price outlook has shifted to neutral. It is on the verge of completing a high probability bottoming pattern, showing a positive divergence from some of the other cryptocurrencies that have printed new correction lows over the last couple of days. 

Enjin Coin price has impressive short term potential if technicals align

Bottoms are rarely straightforward, and this will not be any different for ENJ as the Intotheblock In/Out of the Money Around Price data shows a big cluster of resistance from $2.81 to $2.89, which sits at the neckline of the potential head-and-shoulders bottom. A total of 154 addresses bought 82.55 million in that range.



On the 4-hour chart, ENJ is close to completing a head-and-shoulders bottom with the neckline trigger at $2.85. Resistance will quickly emerge at the declining trend line at $2.92, but a successful break out will expose the altcoin to a quick rally to the 50% retracement of the April decline at $3.29, where it coincides with some price congestion created last week.

The approximate next target is the 78.6% retracement at $3.60, representing just over a 26% gain from the neckline. Depending on the impulsiveness of the rally, ENJ could reach the all-time high at $4.02. If it successfully prints a new high, market participants need to watch the daily Relative Strength Index (RSI) for confirmation.

ENJ/USD 4-hour chart

ENJ/USD 4-hour chart

ENJ support emerges at the 50-day simple moving average (SMA) at $2.38 and then the 50% retracement of the 2021 rally at $2.07. Selling pressure will find the March low at $1.91 a challenge. There is an outside possibility that ENJ reaches the 61.8% retracement at $1.61.

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

Nightmares repeat as BTC flash crashes

Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC. Ethereum price dropped only $270 and is in recovery mode. Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.

More Cryptocurrencies News

Polygon sets sights on new all-time high despite recent flash crash

MATIC price shows a massive spike in buying pressure that has undone the recent crash. A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287. A breakdown of the support barrier at $0.872 will invalidate this uptrend.

More Polygon News

Ripple struggles to break through stiff resistance

XRP price seems to have suffered from the sell-off caused by Elon Musk's announcement that Tesla stopped accepting cryptocurrency payments. XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

More Ripple News

Tesla ditches Bitcoin as payment but may accept Dogecoin instead

Dogecoin price plunged by over 25% in the past 24 hours, reaching a low of $0.38. DOGE fell in tandem with the rest of the crypto market following Elon Musk's announcement that Tesla is suspending vehicle purchases using Bitcoin. The meme-coin could be awaiting a recovery if Tesla decides to accept DOGE as payment instead. 

More Dogecoin News


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