ENJ PRICE ANALYSIS: CRUCIAL FOR ENJIN COIN TO HOLD ONTO SUPPORT AS BEARS ARE STILL LURKING

•The Enjin Coin price today is $1.86 USD and is up by nearly 3% in the past 24 hours

•The trading volume is down by 6.46%

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•The Coin is showing bullish momentum as MACD crosses the signal line

SHORT TERM VIEW

The cryptocurrency market kicked off on a strong note this month,despite thin trading sessions which saw a considerable drop off in trading volume activity. The cryptocurrency market is up by nearly 5 percent in the past day.

The live Enjin Coin price today is $1.86 USD with a 24-hour trading volume of $245,192,207 USD.ENJ is up by nearly 3% in the past 24 hours. The nearest Support Zone has been found at $1.50, then $1.00 while the nearest Resistance Zone is $2.00.

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Even though the trading volume is below the average, it could catch up with the average at the end of the intraday session. The coin is near the crucial demand zone, and the bulls are trying to hold the price above it. The Volume to Market Cap Ratio stands at 0.1544.

Enjin coin is exchanging above the major moving averages (including 20 and 50 SMAs), which is reflecting the bullish momentum seen across in the asset for the foreseeable future.

LONG TERM VIEW

Although the RSI is below 45 but momentum may have bottomed since there was a bullish crossover seen in the altcoin as MACD Line pulled above the MACD Signal Line. MACD Histogram bars are also rising, which is also a bullish signal that suggests that momentum could be nearing another upswing.

The altcoin is currently trading quite a few notches below its all time high on 25 November,after which ENJ saw a significant retracement as the price action fell in a down-channel. However, ENJ has now shown signs of recovery.

CONCLUSION

It remains to be seen how the future pans out for the altcoin. We are likely to see consolidation in the $1.50-$2 region. On the upside, ENJ will encounter resistance at $2 which it will need to flip into support to continue its surge.We are likely to see range-bound trading within this period before we see further movement.