ENJ Technical Analysis: Rising Channel Aims to Create Rounding Bottom
Enjin Coin is a project of Enjin, which offers an interconnected ecosystem of blockchain-based gaming products. The most popular product offered by Enjin is called the Enjin Network, a social gaming platform that allows users to create clans and chat websites, as well as host virtual storefronts for virtual items.
Let us read ahead to know more about Enjin Coin technical analysis.
Past Performance of ENJ
The ENJ coin price shows an amazing bullish recovery of more than 40% in the last week. The recovery leads to a possible rounding bottom pattern in the daily chart. If the price reaches the $3.5 mark, traders can observe a complete rounding bottom pattern.
ENJ Technical Analysis
The ENJ coin price forms a rising parallel channel in the 4-hour chart as the price continues the uptrend. However, the recent failure to reach the resistance trendline questions the uptrend continuation possibility.
The uptrend aims to reach the $3.5 resistance zone and complete the rounding bottom pattern. The breakout of the $3.5 mark can lead to a price jump above $4. And, in case of a reversal, a retracement to the support trendline is possible.
The crucial EMAs - 50, 100, and 200 days show bullish alignment in the daily chart. Moreover, the EMAs give a golden crossover in the 4-hour chart and provide an extra edge of confirmation of the bull run.
The RSI indicator, at 59% in the daily chart, shows the slope gradually moving higher above the central line. Moreover, the MACD indicator shows the MACD line rising above the central line and the signal line is following the same steps. Therefore, the technical indicators show a rise in underlying bullishness in the ENJ coin price.
Upcoming Trend
Currently, the ENJ coin price struggles to make a rounding bottom pattern in the daily chart and maintains a solid rising channel in a shorter time frame. Therefore, the current trend remains highly bullish with the target of $3.5.
Moreover, the completion of the price pattern in the daily chart can lead to a bullish breakout. Therefore, traders can have yet another breakout opportunity before the end of 2021.