ENJ Technical Analysis: Wait and Watch With a Support Price of $1.16

Enjin is a blockchain network that facilitates the creation of Next-gen Non-Fungible Tokens (NFTs) that can be easily used by individuals and enterprises. It is a decentralized, highly scalable, and cross-chain ecosystem. ENJ is the customized token of this network. The following ENJ technical analysis will predict the price trends for the next two days:

Past Performance

On Jun 5, 2021, ENJ opened at $1.50. On Jun 11, 2021, ENJ closed at $1.30. Thus, in the past week, the ENJ price has decreased by roughly 13.33%. In the last 24 hours, ENJ has traded between $1.17-$1.34.

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Day-Ahead and Tomorrow

Currently, ENJ is trading at $1.20. The price has decreased from the day’s opening price of $1.30. Thus, the market seems bearish.

The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 54%. It faced rejection at 61% and fell to the current level. Hence, selling pressures are high. High offloading activity will push the price further down.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the ENJ price.

In short, when we look at all three oscillators together, we can say that the overall price trend is negative. However, some intermittent price rises can be expected. We have to wait and watch to see if the price rise is a temporary corrective market action or the beginning of a bullish trend.

ENJ Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $1.20. It may soon fall below the subsequent support level of $1.16 as well. Thereafter, we have to wait and watch if the price starts increasing or falls further.

The price has tested and fallen below the 23.6% FIB retracement level of $1.21. By day end, if the price retests and breaks out of this level, then probably a bullish trend has set in. In that case, the price may continue to rise tomorrow as well.