ENJ Technical Analysis: Is Token Ready to Give a Bull Run?

ENJ token price is currently fluctuating within a range between $0.4933 and $0.3980.
Indicators are on the verge of giving a buy signal for token.
A Golden Crossover formation is also expected on daily chart in near future.

The technical analysts may have observed ENJ token consolidating in a zone at current price levels. It is also clearly visible that the levels at which token is currently trading is also one of its key resistances. Price of token has reversed multiple times from these levels.

Will token continue its bull run after consolidation zone?

On daily chart, investors may have observed that token after displaying a huge downfall in prices took support around $0.2391 and traded at those levels for some time. Moreover, from these levels, it also displayed a bull run which indicates that there was a huge demand at these levels. The token is expected to continue this bull run after it exits current consolidation zone on the upside. Apart from this, there are also possibilities that a Golden Crossover may occur in near future.

MACD indicator’s histograms are turning light red in color which indicates that bears are weakening and soon bulls may take command over bears. This also indicates that a bullish crossover may be taking place soon and the investors may see a rise in price of token. On other hand, RSI curve is trading over its 50-point mark at 58.03. The value of RSI curve may rise even higher once the token price rises.

Overall, it can be concluded that both the indicators, that is , MACD and RSI are on verge of giving a buy signal but presently they are neutral.

Price movement on short-term chart similar to daily chart?

A similar price movement and consolidation zone to that of daily chart can be seen on short-term chart. The only dissimilarity that is visible between two charts is that a Golden Crossover has already occurred on short-term chart whereas it has not taken place on daily chart. This crossover that occurred on short-term chart can be considered as one of the reasons for the recent price increase.

Conclusion

Investors might have concluded that ENJ token is on verge of giving a bull run. A slight increase in price above the consolidation zone may mark the beginning of a bull run. Moreover, a Golden Crossover formation on daily chart later may be an additional confirmation to the bull run.

Technical Levels

Resistance levels – $0.4933 and $0.5762

Support levels – $0.3980 and $0.2446

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