thecoinrepublic.com
- Enjin coin price (ENJ) is slowly rising after reversing from the support trendline.
- ENJ price action is forming a bearish pattern on the lower time frame.
- The trading volume decreased by 10% to $12.84 million in the last 24 hours.
Enjin Coin (ENJ) slipped out of the hands of buyers in early November 2022. This was the biggest fall in the last 90 days. Meanwhile, the market drove buyers out of the market and yet buyers often failed to re-enter the market.
At the time of writing, the ENJ price action follows a lower-higher and lower-lower trendline, while the current price remains at the $0.25 mark against the USDT pair. Buyers witnessed strong selling pressure in the intraday trading session.
Enjoin Coin on 4 Hour Price Chart
Hourly price action forms a descending parallel channel (above chart). At that point, the bullish trading price of ENJ was trading at the midline of this bearish channel. Above this support trendline, the crypto price is likely to rise towards the key resistance line.
The month of January started in the green after a fall of almost 90% last year. This dramatic drop killed a potential latest investment. In a matter of seven weeks, ENJ price hit a 52-week low at $0.23, turning into an important support area. As of now, ENJ valuation is under the intraday weekly candle with 2.92% gain.
The market capitalization as per the last 24 hours data stood at $250.89 million. This price recovery happens because the bears started short-covering to support the trendline but still they can dump the coin again at any time. Specifically, the bulls have a defense zone at the $0.23 level for the short-term outlook.
On the daily price scale, the price of Enjin (ENJ) is trading close to the 20-day moving average after one month. This price gain could help the buyers to turn this area into an immediate support. At the same time, the RSI and ADX indicators suggest recovery signs for the asset.
Conclusion
For higher upside, buyers should break the 20-day moving average. Although, Enjin (ENJ) token price looks a bit bullish according to the high-low trend but still not enough for a sustainable bullrun.
Support level – $0.22 and $0.20
Resistance level – $0.30 and $0.50
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.