thecoinrepublic.com
- 1 Enjin price is currently trading at $0.2868 with a loss of 0.35% during the intraday session.
- 2 ENJ price trades below 20, 50,100, and 200-day exponential moving averages (EMAs).
- 3 The year-to-date return of the Enjin coin is 19.11% while the three-month return is -16.49%.
ENJ price was in an uptrend since the formation of support at the $0.2470 level during mid-June 2023 and successfully crossed above $0.33. However, the presence of bears above the $0.33 level did not let the price close above it.
The cryptocurrency price attempted several times to close above $0.33 but the bears did not find the price justifiable above it. The rejections induced bearish momentum in the price and it broke the uptrend. Enjin price retested the trend line after forming support at $0.2970. Recently, ENJ price was successful in breaking the support.
The previous candle closed as a bearish Doji candle and the current candle seems to have low volume. If the bearish momentum prevails, the price might melt toward $0.277. On the other hand, if the price is successful in forming support, it might retest support turned resistance of $0.2970.
Decrease In Trading Volume Of P2E Tokens Like Enjin Coin
The trading volume of top play-to-earn tokens like Enjin coin is down by 98% from its peak which occurred during November 2021. The concept of P2E concept gained popularity in late 2021.
The games strived to maintain momentum, but interest in trading them has decreased. July month experienced a trading volume of around $1.9 Billion.
Monetary rewards were the main reason for playing games but the companies that were struggling to retain their customer base decreased their in-game rewards. The market capitalization of the Enjin coin has decreased by 1.37% to $286,328,873.
The 24-hour trading volume has increased by 9.17%. The price is down 94.05% from the all-time high of $4.85 and up 1732.89% from the all-time low of $0.01562.
Will ENJ Price Fall to the $0.2470 Level?
The cryptocurrency price trades below 20, 50, 100, and the 200-day exponential moving average indicating bearish momentum. Enjin price is also facing rejection from the 20-day EMA.
Chaikin money flow (CMF) score has crossed the above 0 mark and currently trades at 0.05 suggesting slight strength in the market. CMF is upward-sloping indicating that there is an increase in capital inflow.
However, the relative strength index has dropped below the 50 mark and currently trades at 40.99, suggesting a rise in bearish momentum in the price. The long/short ratio is 1.06 with 51.59% longs and 48.41% shorts indicating a rise in buying position in the last 24 hours.
Conclusion
The market structure and price action of the Enjin coin has turned bearish after the break of the trend line. However, the buyers have started to enter the market.
Technical Levels
- Major support: $0.2770 and $0.2550
- Major resistance: $0.2970 and $0.3240
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.