ENJ Technical Analysis: Nonstop Downtrend Pressurizes $2.5
With the bears taking control of the trend after the rejection from the $4.5 mark, the ENJ coin price cuts in half from the all-time high. Hence, investors can consider collecting their favorite metaverse tokens at a discount.
Read more to know more about the Enjin token.
Past Performance of ENJ
After the failure to sustain above the $4.5 mark, the ENJ coin price entered the correction in the daily chart. The downfall cuts the token prices in half, offering an investment opportunity to collect the Enjin token at a 50% discount.
However, the failure of the $2.5 mark to push the prices higher will result in a downfall to the $1.80 mark.
ENJ Technical Analysis
Enjin lets game developers tokenize game items using their Ethereum blockchain. It makes use of Enjin Coin, an ERC-20 token, to secure the digital assets created by its platform. This means that products can be purchased or sold and traded using real-world value.
The price action indicates that after the $2.5 support, the following support levels are at the $1.80 and $1.20 mark. And, on the opposite end, the resistance levels are at the $3.5 and $4.5 mark.
The RSI slope crosses into the nearly oversold zone below the 50 percent central line in the daily chart. Hence, the price is reaching a saturation level. Therefore, the indicator gives a sell signal for the ENJ token.
The MACD and the slow line on the daily chart are exhibiting the trend downwards when it reaches that zero line point. In addition, the intensity of bearish histograms is increasing. This indicates the possibility of selling.
Upcoming Trend
The rejection from the $4.5 mark starts the downtrend in the ENJ token price, resulting in a downfall of more than 45%. Moreover, the momentum of the downtrend is increasing with the continuous formation of bearish candles.
Furthermore, the price will soon break the $2.5 mark as the downfall gains momentum. Therefore, traders can find a selling opportunity with the target of the $1.80 mark.