Enjin Price Analysis: ENJ Crypto Consolidates At Its Lowest, When Will It Recover?

  • Enjin price got stuck inside the horizontal range area on the daily price chart.
  • ENJ crypto is sideways at the 20 EMA and is still behind the 50, 100 and 200 day moving average.
  • The ENJ/BTC pair is at 0.00002619 BTC with an intraday drop of 5.71%.

Enjin price got stuck inside the consolidation phase on the daily price chart. The ENJ coin must break out of the consolidation phase to rise from the lower levels. Receiving support from the bulls, the token aims to emerge from the consolidation zone. The ENJ coin needs to attract more buyers to get out of the consolidation phase. ENJ bulls must come forward to provide support for the token and let ENJ rocket out of the consolidation phase. The price of the ENJ coin must break out of the pattern by avoiding getting caught within the clutch of the short sellers.

Enjin price is currently hovering around $0.52 and has lost 10.21% of its market cap in the last 24 hour period. Trading volume is down 56% in the intraday trading session. This shows that the bears are piling in to break out of the ENJ coin from the consolidation phase. ENJ bulls should hold onto the lower trendline to avoid falling further. The ratio of volume to market capitalization is 0.1517.

ENJ coin price should break out of the consolidation phase with strong uptrend momentum on the daily price chart. The red volume bars indicate the downtrend of ENJ crypto within the consolidation phase. The token is heading towards the lower trendline of the horizontal range bound area and the ENJ bulls should stay on the edge of the pattern. However, the volume change can be seen below average and in favor of the bears. ENJ bulls must come forward for token redemption. The ENJ coin has been stuck inside the $0.38 and $0.72 price range.

Will enj register his breakup?

ENJ coin price must break out of the consolidation phase to rise above the daily price chart. Technical indicators suggest ENJ crypto downtrend momentum within the consolidation phase. The Relative Strength Index shows the downtrend momentum of the ENJ coin. RSI is at 46 and is turning back from neutral into oversold territory. MACD exhibits the consolidation phase of the ENJ coin. The MACD line is heading towards the signal line for a negative crossover.

conclusion

Enjin price got stuck inside the consolidation phase on the daily price chart. The ENJ coin must break out of the consolidation phase to rise from the lower levels. Receiving support from the bulls, the token aims to emerge from the consolidation zone. The ENJ coin needs to attract more buyers to get out of the consolidation phase. However, the volume change can be seen below average and in favor of the bears. ENJ bulls must come forward for token redemption. Technical indicators suggest ENJ crypto downtrend momentum within the consolidation phase. RSI is at 46 and is turning back from neutral into oversold territory.

Technical Levels

Support level: $0.38

Resistance level: $0.72

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational ideas only and do not constitute financial, investment, or other advice. Investing or trading in crypto assets carries a risk of financial loss.

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