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Vikram
Aug 4, 2022
by Vikram

ENJ Technical Analysis: Will Enjin Prices Break The Rising Wedge?

ENJ Technical Analysis

Table of contents

  1. ENJ Technical Analysis
  2. Upcoming Trend
The ENJ price action shows a rising wedge pattern with the 100-day SMA opposing the bullish breakout. So should you expect a breakout?

Key Technical Points:

  • The Enjin (ENJ) price action teases a breakout rally of a rising wedge pattern in the daily chart.

  • The bullish trend faces opposition from the 100-day SMA teasing a bearish reversal.

  • With a market cap of $578 million, the intraday trading volume of Enjin has dropped by 115% to reach $168 million.

    • Past Performance of ENJ

    The ongoing recovery rally in the ENJ/USDT pair has shaped into a rising wedge pattern. Under the influence of this pattern, the altcoin registers a 70% gain in the past six weeks. However, in theory, this pattern usually indicates an imminent downfall once the coin price breaches the bottom support trendline.

    TradingView Chart

    Source - Tradingview

    ENJ Technical Analysis

    The daily candle shows a higher price rejection displaying a rise in ENJ supply inflow, teasing a bearish downfall. Hence, traders hoping for a bullish breakout must wait for price action confirmation as the selling pressure increases. The higher price rejection due to the bearish opposition from the 100-day SMA teases a downfall.

    The RSI slope displays a positive trend in the nearly overbought zone, maintaining above the 14-day average line. Moreover, the fast and slow lines maintain an uptrend in the MACD indicator with a spike in the bullish histogram. Hence the technical indicators oppose the higher price rejection.

    In summary, the ENJ technical analysis showcases a bullish trend in motion but suggests traders should wait for a price action confirmation.

    Upcoming Trend

    If the selling pressure persists, the ENJ price is poised to retrace 9.5% down, hitting the pattern's support trendline at $0.58.

    However, a bullish breakout will increase prices to the $0.77 mark.

    Resistance Levels: $0.65 and $0.77

    Support Levels: $0.58 and $0.50

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    ENJ Technical Analysis: Will Enjin Prices Break The Rising Wedge?
    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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