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4 July 2022
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Enjin Price analysis: ENJ price up amid retesting the short-term resistance zone 


  • The Enjin token has performed well over the past several days and is up around 17% this week.
  • In the context of the daily price chart, the ENJ price looks near the middle band of the Bollinger Bands indicator.
  • The daily RSI is showing bullish momentum for the Enjin coin as it is moving towards the semi-line.

Enjin token has broken past swing highs and displayed a trend reversal sign as market leader bitcoin manages the $20K area as a support level.

ENJ price shows a bullish trend by forming higher-highs and higher-lows on the higher time frame as well as the lower time frame. Meanwhile, the weekly price candle broke the previous swing and moved closer to 17% cost this week.

At the time of writing, Enjin token is trading at the $0.5177 mark, with a solid bullish trend on the hourly chart.

Source: ENJ/USDT by tradingview 

Amidst the bullish momentum, the bulls look so aggressive for today’s buy and its effect can be seen on today’s price candle, where intraday buyers got around 10% of the cost.

Meanwhile, the Enjin token’s market cap increased by 14.5% to $463 million in the past 24 hours, according to data from CMC. Moreover, the ENJ and BTC pair is trading at 0.00002515 Satoshis, with 12% in favor of the bulls.

The daily trading volume bar continues to attempt to break above the moving average. Meanwhile, trading volume jumped 85% compared to the previous night. However, in terms of the daily price chart, the ENJ price looks near the middle band of the Bollinger Bands indicator.

RSI reversed rapidly 

Source: ENJ/USDT by tradingview 

In terms of the daily price scale, the RSI indicator is showing bullish momentum for Enjin Coin as it is moving towards a semi-line. And the ADX indicator started going down.

Conclusion

Enjin token price is near the semi-line of the Bollinger Bands indicator. If the bulls manage to close the daily price candle above this resistance area, there could be more bullish momentum.

Resistance level- $0.80 and 1.0

Support level- $0.40 and $0.30

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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