ENJIN token price analysis: ENJ token is resting at the demand zone, what next?

• ENJ token price was facing rejection of the falling trendline and currently it is trading at $1.5.
• The token forms a falling wedge pattern on a daily time frame.
• The pair of ENJ/BTC is trading at 0.00003581 with a decrease of -1.19% in the market cap of the digital asset over the past 24 hours.

ENJ token price has bounced off the the demand zone of $1.2 and it has formed big bullish candlestick pattern.The token is forming lower low and lower high formation on daily time frame.At present, the token is resting at a long term demand zone and thus if it is able to breakout of the green trendline on the upside then the token can be seen moving.But if the token breaks the demand zone it can fall rapidly.Currently, the token is trading below all the crucial Exponential Moving Average (20, 50, 100) and could face rejection moving upwards.ENJ token price has been trading in a small range from past trading weeks and thus breakout on either side will trigger big move.The token is currently trading at the lower band of the bollinger band indicator after facing rejection at the upper band of the indicator.Volumes are flowing from both side increasing the volatility therefore breakout on either side will confirm the trend for upcoming trading days.

RSI and ADX is showing bullish signs on daily time frame

ENJ token price is forming a bullish reversal chart pattern and the technical parameters are indicating the same.

Average Directional Movement Index: ADX has been continuously dipping from the past trading days, and recently, it slipped below 30, as the token faced rejection at $2. The ADX curve is seen recovering and at present it has turned upwards.Thus indicating a halt in the movement of the price and possible change in the structure of the price movement.

Relative Strength Indicator: RSI is trading at 60.17 as the token is forming a bullish reversal pattern. The RSI curve has crossed the

halfway mark of 50 and thus the token can be seen moving up, possibly giving a breakout of the falling wedge pattern.The RSI curve has also gone past the 20 SMA indicating a bullish momentum for the upcoming trading days.

ENJ token price is forming falling wedge pattern on daily time frame

ENJ token price was moving in a lower low and lower high formation. The token was trading in a smaller range from the past couple of trading days which led to the formation of a falling wedge pattern.

Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame as it gave a positive crossover. The buyer’s (blue) signal line crossed the seller’s (orange) on the upside. If the token breaks out of the green trendline, it can reach up to $2.0 and above. Possibly making new highs if the momentum continues.

Supertrend: Recent bullishness in the overall cryptocurrency market has not affected the super trend indicator. The sell signal from the supertrend indicator is still intact. ENJ token gave a breakdown of the green trendline of the indicator with a big bearish candlestick pattern which resulted in the indicator giving a sell signal.The indicator will trigger buy signal once the token surpasses the red supertrend trendline with big bullish candlestick pattern at $1.8

Conclusion

ENJ token price, as per the price action is forming a bullish reversal chart pattern.The technical parameters are also suggesting the same.Investor should be cautious until the token breaks out on the either side.it remains to see if the token breaks on the upside or bears trample the price down.

SUPPORT: $1.2 and $1.00

RESISTANCE: $2.5 and $2.0

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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