Published 32 minutes ago
Like most of the major cryptocurrencies, the Enjin coin price has shown a sustained recovery in the first two weeks of 2023. The coin’s price has risen 72.5% since January 1 and is currently trading at $0.39. Moreover, the U-shaped recovery on the daily chart indicates the formation of a rounded bottom pattern. Here is how this bullish reversal will affect the future price of the ENJ coin.
Key Point:
- A higher price refusal at the $0.4 resistance indicates a potential pullback for the ENJ price.
- A bullish crossover between the 20 DMA and 50 DMA increases buying pressure in the market.
- Intraday trading volume for ENJ price is $164.4 million, up 372%.
sauce- trading view
The rounded bottom pattern is one of the famous trend reversal patterns that provides stable recovery in any asset. Today, Enju coin surged in market value by 20%, witnessing significant inflows above the local resistance of $0.4. However, the sudden drop in the crypto market over the past few hours has significantly evaporated these gains, forming a higher price rejection at the resistance mentioned.
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This refusal indicates high supply pressure and ENJ price may retreat slightly if the daily candle breaks below the $0.4 resistance. This potential correction could drop the price by 17.5% and return to the $0.35 support. If this local support picks up some bullish momentum, Enjin Coin will resume its general trend.
Therefore, under the influence of the rounding bottom pattern, this altcoin should eventually recover steadily and reach the $0.49-$0.5 neckline resistance.
technical analysis
vortex indicator: A widening gap between the VI+ and VI- slopes predicts sustained buying in the market.
DMA: Recovered DMAs (20, 50, and 100) could provide additional support for rising prices if there is a potential retracement. Conversely, the 200 DMA fluctuating near $0.44 is dampening bullish growth.
Enjin Coin Price Intraday Level-
- Spot rate: $0.39
- trend: bullish
- Volatility: Medium
- Resistance levels – $0.4 and $0.49
- Support Levels – $0.325 and $0.275
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
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