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.
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 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.
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