ENJ coin price finds demand near the support trendline in the 4-hour chart resulting in a bullish retracement targeting at the $5 mark.

Enjin is the company behind Enjin Coin, which creates a network of blockchain-based, related gaming products. Enjin Network is Enjin's flagship product. It allows users to create websites, clans, chat, and host virtual items stores.

Read more to know about the technical analysis of the Enjin token.
<h2>Past Performance of ENJ</h2>
The ENJ coin price falls more than 25 percent within the parallel channel after finding a sudden surge in supply near the $4.5 mark. However, the support trendline halts the downfall and gives a bullish reversal. Hence, the price aims at the $5 mark near the resistance trendline of the parallel channel.

<img src="https://s3.tradingview.com/snapshots/f/fWaYx4Lp.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/fWaYx4Lp/">ENJ/USD Daily Chart</a>
<h2>ENJ Technical Analysis</h2>
The ENJ coin price makes a bullish engulfing candle near the support trendline of the <a href="https://www.cryptoknowmics.com/news/enj-technical-analysis-seems-bullish-for-a-while-with-strong-buy-signals/">parallel</a> channel in the 4-hour chart. Moreover, the double bottom pattern breakout near the trendline increases the trend momentum.

The RSI slope approaches the central mark in the 4-hour chart as the price gives a bullish reversal. The lack of divergence between the price action and the RSI slope reflects a strong uptrend. Hence, the RSI indicator gives a signal for the ENJ token.

The bullish crossover of the MACD and signal line in the 4-hour chart indicates increased underlying bullishness. The crossover drives both lines higher to the neutral line. 
<h2>Upcoming Trend</h2>
ENJ token price action forms a parallel channel in the 4-hour chart with a solid support trendline where the price gives a bullish reversal presently. However, safe traders can find an entry opportunity at the breakout of $4. Nonetheless, buying at current prices can still be profitable as the channel targets the $5 mark.

However, the Pivot Points show resistance levels at $4.75 and the $5.65 mark. And, on the flip side, the support levels are at $3.5 and the $3 mark.

ENJ Technical Analysis: Price Within Parallel Channel Targets $5

ENJ coin price finds demand near the support trendline in the 4-hour chart resulting in a bullish retracement targeting at the $5 mark.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ENJ Technical Analysis: Price Within Parallel Channel Targets $5

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