- 1
Enjin is trading at $0.31 while seeing a rise of 21.44% in the 24-hour trading volume (press time). - 2
Enjin prices recorded a surge of 0.12% in the last 24 hours.
The market structure indicates that the ENJ price is moving near the supply zone on the one-day chart. The price is taking resistance from the 100 EMA whereas the 200 EMA is moving above it. Enjin price prediction suggests that Investors are presently hesitant regarding the token and are attempting to make a breakout from major EMA levels.
At present, the Enjin token price prediction is that ENJ price could take a correction in the near future. The price has been making a higher high and low pattern, in accordance with which, the buyers are attempting to rally past the barrier. The RSI oscillator is moving near the median line though stochastic RSI is yet to cross above it.
Significant Hike in Greed Sentiment of Investors
Investor opinions concerning the overall cryptocurrency market have surged slightly after moving near the neutral zone. The current value of the sentiment index is 54 points above the neutral zone. It is seeing a rise of 4 points as per the Alternative(dot)me platform.
Major cryptocurrencies of the market recently gave a slight downturn. They recently broke below the consolidation in the supply zone which may cause the price to reflect the general market sentiment.
Decrease In Bullish Levels Of Enjin Crypto
The metrics in the LunarCrush platform except 24h volume are bearish, indicating that the potential buyers in the community are apprehensive regarding Enjin crypto.
The total bullish sentiment metric is down by 38.33%. The overall social engagement level surged by 47.34%.
Enjin Price Prediction: Technical Analysis On Daily Timeframe
The RSI line is moving towards the demand level. The current value of the RSI is 55.43 points and the value of the 14-day SMA is 53.61 points. The RSI line is presently moving near the median line.
At present, the stochastic RSI is yet to give a bullish crossover. The value of the stochastic RSI is 40.84 points. The %K line may soon give a positive interception to the %D line.
Conclusion
As per the Enjin price prediction, the price action indicates that bulls are attempting to break out above the 100-days EMA resistance levels. The major cryptocurrencies of the market recently experienced a downturn. Enjin price prediction suggests that Investors are presently hesitant regarding the token.
Technical Levels:
Support –$0.025
Resistance – $0.034 and $0.040
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/23/enjin-price-prediction-enjin-price-attempts-a-bullish-breakout/