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Vikram
May 31, 2022
by Vikram

ENJ Technical Analysis: Breakout Rally Soon To Cross $1

ENJ Technical Analysis
ENJ price chart shows a bullish reversal from $0.57, gaining trend momentum above the resistance trendline, increasing the chances of the bull run to $1. 

Key technical points:

  • The ENJ market value increased by 5.79% in the last 24 hours.

  • The bull reversal faces higher price rejection near the resistance trendline.

  • The 24-hour trading volume of Enjin is $94.79 Million, indicating a hike of 151%.

    • Past Performance of ENJ

    ENJ prices showcase a bullish reversal from the $0.57 support level after a 70% in the last two months under the highly influential bearish trendline. The trendline kept pushing multiple bullish attempts until the recent double bottom pattern from $0.57 overpowered the supply pressure with a 9% engulfing candle.

    TradingView Chart

    Source- Tradingview

    ENJ Technical Analysis 

    The increase in intraday trading volume supports the breakout candle and increases the likelihood of a bull run to $1. However, the possibility of a reversal to retest the broken trendline can shake out early buyers.

    The Stochastic RSI shows an early bullish crossover in the neutral territory, projecting a trend reversal. Furthermore, the bullish divergence in the RSI indicator led to the bullish breakout, increasing the likelihood of an uptrend continuation.

    The MACD indicator displays a bullish uptrend in the MACD histograms as the fast and slow lines approach the zero line. Hence, the technical indicators project a highly bullish trend in motion.

    In a nutshell, the ENJ technical analysis projects a high likelihood of a bullish rally reaching $1.

    Upcoming Trend

    If ENJ prices surpass the $0.80 mark with the breakout rally gaining momentum, an upward trend to $1 is possible. On the other hand, if the buyers cannot sustain above the broken trendline, a reversal will increase the fallout changes, leading to an inevitable fall to $0.57.

    Resistance Levels: $0.80 and $0.1

    Support Levels: $0.57 and $0.50

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    ENJ Technical Analysis: Breakout Rally Soon To Cross $1
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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