ENJ Technical Analysis: rounding bottom pattern leads ENJ price to $2.16

Key technical points:

Past Performance of ENJ

On March 16th, the ENJ coin price rebounded from the $1.2 support with a long bullish engulfing candle and breached a dynamic resistance trendline. The post-retest rally pushed the price above $1.64 local resistance and bolstered another leg-up for long traders. The meta coin current exchanges hands at $1.85, indicating a $44.31 gain from the bottom support.

Source-Tradingview

ENJ Technical Analysis 

ENJ price is gradually rising under the influence of a rounding bottom pattern. However, before the coin price reached the $2.1 neckline resistance, the buyers would struggle at the confluence of intense resistance levels such as $2 psychological levels, 200- day EMA, and 0.236 Fibonacci retracement levels.

The recovery rally has retrieved the 20, 50, and 100-day EMA line and calmly approaches the 200-day EMA. As said, the 200-day EMA would assist sellers in strengthening the defense at the $2 mark. On the other hand, the potential crossover among the 20 and 50 EMA would encourage the ongoing rally to breach overhead resistance.

RSI Indicator: The RSI slope is rallying with new higher highs and occasional dips similar to the price action. Moreover, the gradually rising slope may soon enter the overbought region.

In a nutshell, the ENJ technical analysis shares a bullish tendency that may soon challenge the $2.2 neckline to complete the bullish pattern.

Upcoming Trend 

A bullish breakout from the $2 mark would accelerate the buying pressure and drive the altcoin 10% high to $2.2 resistance. If buyers succeed to overcome the overcome resistance, the crypto traders can expect another 15% rally to $2.6

Support Levels: $1.64 and $1.28

Resistance Levels: $2 and $22.2