Published 17 hours ago
While several cryptocurrencies witnessed significant correction during this second month of 2023, the Enjin coin price maintained a slow yet steady recovery rally. The series of new higher highs and higher lows continued the bull run and pushed the prices to a five-month high of $0.569 thus, with today’s 10.77% jump, the coin price offers a bullish breakout from the last swing high of $0.525, offering further growth potential for ENJ.
Key points:
- Compared to some classic examples of rounding bottom pattern, the Enjin coin shows a bit of a pointy bottom which only means a more aggressive bounce back and strong commitment from buyers
- A bullish breakout from weekly resistance of $0.525 bolstered buyers to reach the $0.6 mark
- The intraday trading volume in ENJ price is $230 Million, indicating a 540% loss.
Source- Tradingview
The last seven price action in the Enjin coin price shows the formation of a rounding bottom pattern. This chart structure is a sign of sustained recovery and trend reversal offering multiple entry opportunities for traders.
Today, the coin price witnessed a significant inflow and breached the last swing high resistance of $0.52. This breakout should offer buyers additional support to continue the bullish trend higher.
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A daily candle closing above $0.52 resistance, will encourage buyers to lead a bullish trend 6.5% higher to surpass the $0.577 mark. However, under the influence of this bullish pattern, the Enjin price is set for a sustained rally to the $0.75 mark.
On a contrary note, if the daily candle closes below the $0.52 level, the coin holder may make a minor consolidation before the bull run continues.
Technical Indicator
The daily-RSI slope sustains above the midline during the recent correction in ENJ price indicating the market sentiment remains bullish.
As per the trend-based Fibonacci indicator, the $0.528 breakout could lead a bullish rally to the following levels $0.567(0.5FIB), $0.6(0.618FIB), and $0.654(0.786FIB).
Enjin Coin Price Intraday Levels-
- Spot rate: $0.53
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.56 and $0.6
- Support level- $0.528 and $0.488
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/buyers-in-control-hints-enjin-coin-poised-to-surpass-0-6-barrier/