Enjin Coin Price Analysis: ENJ finds support at $1.4, quickly rejects back above $1.5

TL;DR Breakdown

• Enjin Coin price analysis is bullish today.
• ENJ/USD saw further decline overnight.
• Spike to $1.40 seen this morning. 

Enjin Coin price analysis is bullish today as we currently see strong rejection at the $1.40 mark formed. Therefore, ENJ/USD has likely bottomed out and is now ready to retrace the previous loss.

The market has seen another strong selloff over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 6.41 and 11.6 percent, respectively. Meanwhile, the rest of the market follows with similar results.

Enjin Coin price movement in the last 24 hours: Enjin Coin drops another 30 percent

ENJ/USD traded in a range of $1.38 – $2.00, indicating extreme volatility over the last 24 hours. The total trading volume has spiked by 50 percent, totaling $375 million, while the total market cap trades around $1.27 billion, ranking the coin in 64th place overall.

ENJ/USD 4-hour chart: ENJ quickly rejects the $1.4 mark

On the 4-hour chart, we can see Enjin Coin price reacting higher as soon as the $1.4 mark was briefly broken, likely indicating a new major swing low has finally been found.

The Enjin Coin price has seen a steady decline over the past weeks. Since the last major swing high at $3.3, ENJ/USD had retraced around 35 percent to the $2.2 support, where the market found support last week.

However, after another lower high at $2.6 was set on the 12th of January, ENJ slowly continued lower. Late on Thursday, a strong break lower was seen, leading to the $2 in a couple of hours.

From there, further downside followed over the last 24 hours, leading to the $1.4 mark testes this morning. However, currently, we see the Enjin Coin price rejecting further downside as it has quickly returned above $1.5, potentially indicating a new swing low has been found.,

Enjin Coin Price Analysis: Conclusion 

Enjin Coin price analysis is bullish today as we expect a new swing low to be set at $1.4. Over the last hours, ENJ/USD has shown strong rejection for further downside as it quickly moved back above the $1.5 mark.

While waiting for Enjin Coin to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.