Enjin Coin Price Forecast: Will ENJ Break Falling Wedge Pattern?

• ENJ crypto showing an advance of +49.36% in derivatives volume resulting in $17.05M.
• Enjin Coin is trading with a long/short ratio of 0.8532 in the last 24 hours.

Price Data of The Enjin Coin

Market cap for ENJ crypto has advanced by +0.48% in the last 24 hours resulting in $239.6M with a decline of -37.38% in the trading volume in the last 24 hours resulting in $17.2M.

The circulating supply for Enjin Coin is 1.0B ENJ and the total supply for the same is also 1.0B ENJ resulting in a fully diluted market cap of $239.2M. The all-time high for the crypto is $4.85 as per CoinmarketCap and the market is currently trading -95.00% below the all-time high.

The market cap rank as per Coingecko for Enjin Coin is #132. The market cap dominance of the coin is 0.022% and the volume/market cap ratio is 0.05. The community is bullish on the ENJ coin as more than 100% users are bullish for the crypto.

ENJUSD Technical Analysis 

The price of Enjin Coin coin has been consistently declining from the higher levels making lower low swings which resulted in the formation of a falling wedge pattern and the price is still trading inside the same pattern.

The market is acting weak based on the EMA analysis as the EMA is trading in a death cross resulting in a preceding downtrend.

The RSI for the ENJ coin is weak on charts as it has declined below the 50-level and is also trading below the 14-day SMA line.

Technical overview of ENJUSD

Based upon technical summary the oscillators are neutral and the EMA’s are acting bearish. Which on summarising results in a downtrend in the market.

Conclusion

Enjin Coin price can decline further unless it breaks above the falling wedge pattern as the technical indicators are indicating for a bearish signal on the charts. 

Technical Levels

• The support levels for the Enjin Coin coin are – $0.2448 and $0.2000
• The resistance levels for the Enjin Coin coin are – $0.3330 and $0.4130

Disclaimer

The information provided in this article. Including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.