- The ENJ coin price is currently hovering around the demand zone after the recent bearish pressure.
- The ENJ coin price is trading in an upwards parallel channel on a daily time frame.
- The pair of ENJ/BTC is trading at the price level of 0.000026 with a decrease of -0.46% in the past 24 hours.
The ENJ coin price, after facing bearish pressure, has fallen rapidly to the demand zone. As seen in the overall crypt cryptocurrency market, the ENJ coin price has followed the bearish trend. As of now, the ENJ coin price is forming higher high and higher low formations on a daily time frame despite the recent bearishness. Although the ENJ coin price has broken the important short-term demand zone, it is still in a bullish trajectory. The coin faced rejection of the long-term supply zone at $0.8 which triggered a massive fall. The ENJ coin price is currently trading below the 50 and 10p Moving Average. Recent bearishness has led to the breakdown of these MAs on a daily time frame. The ENJ coin price is also trading below the 14 Simple Moving Average. Moving upwards the ENJ coin price can be seen facing rejection from these MAs. The ENJ coin price is currently trading at the lower band of the Bollinger band indicator after failing to surpass the upper band. Volumes have increased due to sudden falls. As a result, volatility is also increasing and therefore investors should remain cautious.
The ENJIN coin price is trading in an upwards parallel channel
Average Directional Movement Index: ADX curve is dipping for the past couple of weeks after rising. As the coin price broke the supply zone, the ADX curve was also seen moving up rapidly. As of now, the ADX curve is dipping as the coin price also falls after a strong bullish momentum. The fall in the ENJ coin price has resulted in the formation of a flag and pole pattern. Once the coin price breaks the flag and pole pattern the ADX curve can also be seen moving upwards.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the coin falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the coin price falling strongly. Once the coin price starts moving up again after retesting, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the coin is now trading in a small range, resulting in the consolidation.
Relative Strength Index: RSI curve is currently trading at the level of 37.89. RSI curve is yet to cross the halfway mark of 50. Once the coin price bounces off the demand zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the ENJ coin.
The RSI curve has also crossed the 14 SMA on downward indicating some bearishness before the further upwards movement.
CONCLUSION: The ENJ coin price is on a bullish trajectory as the bigger picture shows. While on a lower time frame the coin price is bearish. As of now, the ENJ coin price is yet to break the upwards parallel channel as it trades near the demand zone. Once the coin price bounces off the demand zone, it can be seen moving up. Until then investors should wait for a breakout and then act accordingly.
SUPPORT: $0.53 and $0.57
RESISTANCE: $0.67 and $0.73
Source: https://www.thecoinrepublic.com/2022/08/19/enjin-coin-price-analysis-enj-coin-price-is-trading-in-a-parallel-upwards-channel-will-it-bounce-off-the-demand-zone/