It appears as if the cryptocurrency market eventually touched its bottom. Major crypto prices reached their individual psychological support. Most altcoins in the market seem like they’re consolidating as well. In fact, most investors look forward to such crashes to purchase low and sell high. In this article, we’re going to see the ENJ price prediction. Can ENJ reach 1$ again? Let’s take a look at it in more detail.
What Is Enjin (ENJ) Crypto?
Enjin firm is behind the Enjin Network. It is a social gaming platform. On this platform, users can build websites, lineages, virtual stores, raid chats, and other components that come with the gaming ecosystem. They utilize the Enjin coin, which drives on the Ethereum blockchain, employing ERC-20.
Additionally, Enjin functions with NFTs. They are the primary architects of the ERC-1155 token benchmark, which is particularly created for NFTs. Enjin concentrates on in-game objects and collectibles. Presently, they seek to handle the issue of Gas Fees on the Ethereum network and are looking to discover a solution for scaling and interoperability (aka the power of various computer systems to trade information).
ENJ Price Prediction-ENJ is looking for a bullish breakout?
The ENJ price has been encountering a downtrend for the past three months. The price is pushing below the 20, 50, 100, and 200 daily moving average. At the time of writing this, the ENJ price is sitting at $0.54. In the last seven days, the price has increased by almost +4.2%.
As mentioned earlier, the ENJ price has been encountering a persistent downtrend. After March it reached a low triangle. The price made a good comeback of 0.54 in the last few days. The entire crypto market is encountering a difficult time amid the bearish stress. It seems like the bulls are not willing to take accountability, as this could be a fantastic time to join the market and purchase the dip, but the prices are largely low. After dropping below the mark of $0.45 it will be extremely difficult for the coin to recover.
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ENJ Price Prediction- What do Technical Indicators Tell?
ENJ/USD Weekly chart – GoCharting
The indicators are extremely cunning this time as while watching the MACD, it demonstrates a bullish signal as the MACD line is slightly above the MACD indication line and the green histograms are increasing. On the other hand, the relative strength index line is turning over the oversold area displaying an upsurge in selling volume. The RSI value for ENJ is 37 presently. The price is driving below the moving average.
Despite its current price rise, Enjin still has tremendous untapped prospects. Due to its deflationary character, Enjin coins tokens are diminishing with time, presently around 834 Million tokens. This is a massive bullish sign, along with the fact that all minted Enjin coins are already in the market. This way, there won’t be any dumping of extra coins.
From Jan 2021 to March 2021 Enjin accomplished more than 10x. The uptrend was far from over because Enjin is a deflationary token. Also, retail traders did not join the market to drive the price further, and more actual news did not definitely push prices higher. Enjin is definitely underrated at the moment. For the moment, prices might rebound for sure, but for a long-term investment, this could be a good one.
Can ENJ reach 1$ again?
ENJ/USD Daily chart – GoCharting
In the context of the daily price chart, ENJ price is struggling near the EMA line. Meanwhile, the bulls are driving the bullish momentum well towards $0.60. Moreover, the RSI indicator is again shifting upwards. This bullish movement could guide to a breakout of the bearish likeness psychic. As a result, the Enjin token is selling just below the resistance level of a down parallel track. During the uptrend, the trading volume also grows, thus, a bullish breakout is possible.
Resistance level- $0.80 and $0.85
Support level- $0.40 and $0.33