Categories: Analysis

ENJ breaks out and aims to climb above 2. at

The Enjin Coin (ENJ) has been on the rise since June 22nd breaking a descending resistance line.

Both price action and technical indicators support a continuation towards the resistance levels described below.

Double bottom leads to breakout

ENJ has fallen since April 9th. On May 23, it hit a low of $ 0.73. After a strong rally, it returned to this level on June 22nd, creating a double bottom. The post-impact rejection also created a descending line of resistance.

After the pattern completed, ENJ started rising and broke the descending resistance line on July 1st. The move up was initiated by a significant bullish divergence in the MACD, RSI & Stochastic Oscillator. All three indicators are still bullish and support the continuation of the uptrend.

The next resistance areas are at $ 1.98 and $ 2.75, corresponding to fib retracement levels of 0.382 and 0.618, respectively. Both are also horizontal resistance zones.

Daily ENJ / USDT chart | Source: TradingView

Trader @Thebull_Crypto sketched an ENJ chart and said it could climb to $ 2.30. This possibility is in line with the one we have outlined, both due to price movement and technical indicators.

Source: Twitter

ENJ / BTC

ENJ / BTC has also been moving along a descending resistance line since April 9th. After three unsuccessful attempts, it finally erupted on July 7th and confirmed the line as support after two days.

As the ENJ moved up, it was rejected by the 0.5 fib retracement resistance at 4,616 satoshis. The main resistance is at 5,145 satoshis, the 0.618 fib retracement level and the horizontal resistance area.

Similar to the USD pair, all technical indicators are bullish.

Any move up above this area is likely to move up towards the all time high of 6850 satoshis.

Daily ENJ / BTC chart | Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.