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Enjin (ENJ) token has maintained a bearish stance since the 8 November rejection at the hurdle of $0.3277. It traded downward at $0.2829 at press time.
While that capped the asset’s upward actions, things seem to have changed, with on-chain indicators confirming increasing bull activity.
ENJ ready for recovery
Enjin has lost nearly 20% since it encountered the highlighted resistance. The altcoin plunged while printing a lower low and a lower high. Meanwhile, technical metrics show ENJ working out a recovery. The Relative Strength Index deviates from its southbound stance, indicating improving sentiments.
Surged buying momentum may witness ENJ recovering to levels above $0.2841, opening the doors to $0.3000. Heightened optimism could see the token climbing to $0.3277 to gather sell-side liquidity above this value area.
Clearing $0.3277 might welcome massive surges for Enjin. That would push the crypto past $0.3400 before a possible upside extension to $0.3661, translating to a 35% increase from current prices.
On-chain indicators support uptrends for ENJ
Enjin’s technical indicators appear to support a bullish wave for the altcoin. For instance, new wallets that transacted ENJ have increased steadily. That suggests high participation by market players. Increased investor confidence bolsters asset adoption while adding credence to Enjin’s bullish case.
Moreover, Enjin’s active stable deposits indicate increased cash flowing into its ecosystem. The metric shows investor interest in purchasing ENJ. Surging buyer momentum will likely catalyze ENJ’s value increase.
Meanwhile, the supply controlled by leading Enjin addresses is soaring, confirming demand and improving market sentiment. Also, it suggests potential accumulation by whales, showing magnified demand.
Nevertheless, bulls should prevent declines beneath $0.2529 to keep the upside thesis alive. A dip below this mark will see ENJ slipping to $0.2367 to cancel the bullish narrative. Enjin might slide towards the $0.2040 lows – a 25% fall from current prices.
Enjin enthusiasts should also track broad market developments to determine potential direction for the token’s price.
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