ENJ Price Analysis: Bulls are in action as the token surges 14.68% in a day

The token has shown bullish actions in the previous sessions.
The pair of ENJ/USDT is trading at the price level of $0.4171 with a gain of 14.68% in the past 24 hours.

At the time of writing, the ENJ price is rising, and the ENJ token price predictions are very positive. The ENJ token price was first driven by the late-2017 crypto market increase. ENJ was created exclusively for the blockchain-gaming industry as a platform for improving video game quality.

ENJ token gains on the daily chart

The token has broken out of the downward parallel channel with strong bullish momentum and is currently trading at the demand zone on the daily time frame. On the daily chart, ENJ token is now trading at $0.4171, up 14.68% in the last 24 hours. It is trading between its 50 EMA and 200 EMA Moving Averages. (Red line is 50 EMA and the blue line is 200 EMA). Let us see if this is a trend reversal or a pullback till the demand zone.

Relative Strength Index: The asset’s RSI curve is presently trading at 87.48, indicating that it is in the overbought zone. The RSI curve has crossed the 14 SMA, indicating that the market is bullish. If the price of the token rises in the coming days, the RSI curve will continue in the overbought zone.

Analyst view & Expectations

On daily time frame, the token is forming strong bullish candles. The increase in the token price might indicate a trend reversal or a pullback to the demand zone. Investors are advised to wait for the token to close over $0.4114 on a daily time frame before buying. Intraday traders, on the other hand, have a good opportunity to go long if the token sustains above $0.4114 or short if the token forms a strong bearish candle at the demand zone.

According to our current Enjin Coin price prediction, the value of Enjin Coin is expected to climb by 1.18% over the next few days, reaching $ 0.418434. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 45. (Fear). Over the previous 30 days, Enjin Coin had 20/30 (67%) green days and 14.67% price volatility. According to our Enjin Coin forecast, it’s now a good time to buy Enjin Coin if it holds above $0.4114.

Technical Levels

Major support: $0.3239

Major resistance: $0.4750

Conclusion

With strong bullish momentum, the ENJ token has successfully broken out of the downward parallel channel, with bulls driving up the token’s price. Before investing, investors should wait for a clear indication.

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing