ENJ Technical Analysis: Breakout Can Start a Bull Run Towards $5

Enjin provides an ecosystem of interconnected, blockchain-based gaming products. Enjin Network is a social gaming platform through which users can design websites and groups, chat, and entertain virtual item stores.

Let us now take a look into the technical analysis of Enjin Coin.

Past Performance of ENJ

ENJ coin price shows a phenomenal uptrend in the daily chart after finding demand near the $1 mark. However, the price action struggles to rise above the $3.5 resistance zone. 

Furthermore, the token price has fallen by 5.84% in the past day. As a result, the ENJ coin trades at $3.19, with a 60% fall in the intraday trading volume.

ENJ Technical Analysis

ENJ coin price action can foresee a bull run upon a $3.5 breakout. However, the recent bearish candlesticks lower the chances of a bullish breakout. That is why traders shall wait before giving in to FOMO. 

The breakout of the $3.50 resistance level can be considered a suitable entry spot. However, the price jump may find opposition near the Pivot Points at $4.71 and $5.85. And, on the flip side, the $2.45 and $1.40 can help oppose the downfall.

The RSI slope in the daily chart moves slightly below the overbought territory. Moreover, the slope is at 65%, indicating a solid underlying buying pressure. Hence, the RSI indicator generates a buy signal for the ENJ coin.

The MACD and the signal line maintain a bullish alignment in the daily chart. Furthermore, the histograms indicate rising bullish pressure. As a result, the MACD indicator signals growth in bullishness. 

Upcoming Trend

As per the technical analysis of Enjin Coin, the ENJ coin price can struggle to rise above the $3.5 mark. However, if the price gives a bullish breakout, the price may soon hit the $5 mark. On the flip side, the $3 and $2.75 marks can oppose the downfall.

Hence, traders must wait for the price action to give a decisive breakout or a reversal.