Enjin Coin Price Analysis: Will ENJ maintain above $0.44


  • ENJ faces resistance at $0.48.
  • Support for the bears has been established at $0.44
  • Enjin Coin shows bearish momentum over the weekend.
  • Enjin Coin price analysis is bullish today.

03 October 2022 : In this article we will walk you through Enjin Coin price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Enjin Coin, Is ENJ a good investment? Enjin Coin support & resistance levels etc. But before diving deep into the ENJ technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $729,661,588,345. The total trading volume stands at $45,441,080,186. Bitcoin shares 51.47 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,590.97 level after an upward movement of 2.17%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.38 percent reaching to $1,324.81 during the previous 24 hours.
While publishing this blog, BNB traded at $288.15, following a price change of 1.67% within the same time frame. XRP the native coin of XRP is down by -0.23 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.59% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Enjin Coin Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Enjin Coin (ENJ)

ENJ Resistance Levels ENJ Support Levels
Resistance Level 1 $0.48 Support Level 1 $0.44
Resistance Level 2 $0.50 Support Level 2 $0.42
Resistance Level 3 $0.52 Support Level 3 $0.40

Enjin Coin Performance

According to PriceAnalysis Market Index, Enjin Coin (ENJ) is trading at $0.45 with a trading volume of $26,324,291.00. However,ENJ has seen a price increase of 1.09% in the last 24 hours.ENJ price changes -3.01% over the week with a total market capitalization of $448,773,818.00 USD.

Enjin Coin Price Analysis

ENJ price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Enjin Coin.

Moving Averages Price Indicator
Simple Moving Average (10) 0.46 Sell
Exponential Moving Average (10) 0.46 Sell
Simple Moving Average (20) 0.47 Sell
Exponential Moving Average (20) 0.47 Sell
Simple Moving Average (50) 0.53 Sell
Exponential Moving Average (50) 0.52 Sell

The Relative strength index (RSI) for ENJ Coin is currently hovering at 43 for 14-days average line, which means ENJ is in consolidation zone right now. ENJ has a nearest resistance of $0.48. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $0.50. Alternatively, if the investors turn against the Enjin Coin (ENJ), the bears might control the market and take ENJ price below the crucial support level of $0.44. The MACD line is standing above of the signal line after a positive crossover. Enjin Coin investors need to wait for any directional change over the daily chart. While ENJ’s Williams %R indicator is at -83.588 for the 14-day time period indicating a oversold condition and short term trend reversal is possible. Bulls can move the market in upward direction.

Conclusions

From the technical analysis, the overall trend of the Enjin Coin is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if ENJ manages to stay above $0.44, it can provide an excellent long opportunity for ENJ communnity.