Is ENJ Price Gearing up for Rally?

Enjin Coin price prediction is mildly bullish for the next month and new swing highs are possible. ENJ rose upward by forming higher high swings and reached a six-month high. So, it will be interesting to see how the price will react near the supply zone. 

Recently, the EMAs displayed a golden crossover which attracted the attention of long-term investors. It positively impacts the price and the token hits a swing high at $0.3743. 

However, the price did not sustain the higher levels and witnessed minor profit booking. It indicates that the supply zone is acting as a strong resistance for the bulls. 

Enjin Coin crypto price performed well in the last few weeks and rewarded the short-term bullish traders. However, the next up move for bulls will be visible when they succeed in breaking out of the $0.3743 hurdle. 

Presently, the price is taking support near the 50-day EMA and buyers are trying to give a bounce. If they fail, bears may pull it down to the November low placed at the $0.2462 level. So, buyers need to come forward and push the price upward. 

Will Enjin Coin Price Breakout of the June 2023 High?

Enjin coin price is on a slow and steady rise and bulls are trying to hold the recent gains. The buyers are active so the possibility of bouncing back is high. The ENJ token price will pick up momentum when bulls take control of the supply zone. 

As long as the price sustains above both the EMAs, the buyers will remain present and absorb the short-term sell-off. However, if the price faces rejection and slips below the EMA, it will be the beginning of a correction. 

Why Does the INJ Price Need the Participation of Big Players?

ENJ price is forming a bullish hammer candle on the weekly chart. It shows that buyers are successfully absorbing the selling pressure. It needs the participation of big players to fuel the upward momentum and increase the probability of a breakout. 

The MACD curve is sustaining above the zero line indicating the presence of bulls. The RSI curve at 55 is pointing upward and denoting strength. The supertrend also favors the bulls and suggests if the price holds $0.2944, the trend will remain upward.

Conclusion

Enjin Coin price prediction is bullish and suggests a rise in the short run. The next phase of the rally will trigger when buyers are able to break out of the $0.3743 barrier. 

The analysis suggests that the ENJ price is in bulls’ grip and new swing highs are possible in the coming months.  

Technical levels

• Resistance levels: $0.3743 and $0.4500
• Support levels: $0.2800 and $0.2462

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.