•ENJ/USD is currently priced at $1.16 and has increased by 4.00% over the past day
•The technical indicators suggest a positive outlook for the near term
•The trading volumes have increased by 14.20% over the past day
Short Term View: Bullish momentum brewing, ENJ yet to fully catch fire
The Enjin Coin price today is $1.16 USD with a 24-hour trading volume of $142,967,978 USD. ENJ is up 4.00% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.1398 for the altcoin.
Although Enjin started an upward move two days ago, the price is currently facing strong resistance from the previous ascending support line and the $1.50 area. This is a particularly important area of resistance. Until the ENJ has recovered to this level, the trend cannot be viewed as bullish. On the other hand, if this correction and general uncertainty in the market keep pushing prices down for long, there is a chance for the Enjin price to lose its momentum and plunge below the support level placed at $1.04. The ENJ Price action suggests indecision on the part of the investors as it is currently transacting above the 50 SMA but below the 20 SMA on the four hour chart.
Long Term View for ENJ
The RSI for Enjin is currently transacting around 37.39. This indicates that the price of ENJ still has room to move down as it could head towards the oversold territory. In addition, the short term EMAs have not yet crossed to signal a longer-term bearish cycle. The MACD indicator shows a slight rise in buying activity, with the gap between the MACD and signal line reducing on the daily chart. The red histograms are decreasing in size as well, and a slight nudge from the bulls could really go a long way towards altering the future course of the altcoin.
Conclusion
ENJ has witnessed some gains on Thursday but an upcoming ceiling may also dent the chances of further progress. In order to break past that resistance, the altcoin will likely need an influx of more bulls to maintain the upward pressure.
Support: $1.04-$0.90
Resistance: $1.50
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.
Source: https://www.thecoinrepublic.com/2022/05/06/enj-price-analysis-enjin-eyeing-upswing-to-the-nearest-resistance/