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- Enjin price has been consolidating inside the horizontal range-bound area over the daily price chart.
- ENJ Crypto slipped below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of ENJ/BTC is at 0.0000254 BTC with an intraday gain of 0.67%.
The Enjin price remained in the consolidation stage on the daily price chart. ENJ coin must escape the consolidation phase in order to rise from the lower levels. By receiving assistance from bulls, the token is attempting to exit the consolidation zone. The ENJ currency has to draw in more buyers in order to go past the consolidation stage. To support the token and help ENJ get over the consolidation phase, bulls for ENJ must step up. By avoiding the grasp of the short-sellers, the ENJ coin price needs to break out of the pattern.
The market capitalization of Enjin has grown by 1.16% during the last day and is presently assessed to be $0.50. However, trade volume decreased by 14.74% during the intraday trading session. This shows that bears are gathering strength in order to devalue the ENJ coin after it has completed its consolidation phase. To stop further losses, ENJ bulls must maintain their position at the lower trendline. The volume to market cap ratio is 0.07043.
The price of the ENJ coin should leave the consolidation phase with a strong upward trend over the daily price chart. The red volume bars on the ENJ cryptocurrency chart during the consolidation period show a bearish trend. The token is going for the lower trendline of the horizontal range-bound area, therefore ENJ bulls need to keep the pattern’s edge. But it looks like the volume shift is below average and in the bears’ favor. ENJ bulls must advance in order to keep the token. The cost of an ENJ coin has stayed constant from $0.38 to $0.72.
What do Technical Indicators suggest about ENJ?
The price of the ENJ coin must exit its consolidation phase in order to rise above the daily price chart. The decreased momentum of the ENJ coin is predicted by technical indicators to continue during the consolidation phase. The relative strength indicator shows the momentum of the ENJ coin during the decline. The RSI is transitioning from neutrality and heading into the oversold territory at 43. The MACD shows a consolidation phase for the ENJ coin. The MACD line is getting close to the signal line in anticipation of a negative crossover.
Conclusion
The Enjin price remained in the consolidation stage on the daily price chart. ENJ coin must escape the consolidation phase in order to rise from the lower levels. By receiving assistance from bulls, the token is attempting to exit the consolidation zone. The ENJ currency has to draw in more buyers in order to go past the consolidation stage. To support the token and help ENJ get over the consolidation phase, bulls for ENJ must step up. ENJ bulls must advance in order to keep the token. The cost of an ENJ coin has stayed constant from $0.38 to $0.72. The decreased momentum of the ENJ coin is predicted by technical indicators to continue during the consolidation phase. The RSI is transitioning from neutrality and heading into the oversold territory at 43.
Technical Levels
Support Level: $0.47 and $0.37
Resistance Level: $0.55 and $0.72
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 any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.