ENJ Technical Analysis: Seems Bullish for a While with Strong Buy Signals

Ankita  |  Nov 24, 2021

Enjin Coin (ENJ) is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin's flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores.

Following Facebook’s corporate rebrand, Enjin has renewed its interest in the metaverse. Enjin has announced a $100 million Metaverse Fund to formalize support for all their ecosystem partners. Moreover, on November 9, OSL announced that it had added support for Enjin Coin (ENJ). This makes Enjin coin among the 11 assets traded on the platform.

Let us see the technical analysis of ENJ.

Past Performance of Enjin Coin

Although with occasional spikes and dips, the ENJ coin’s price has been increasing since the past month. Further, the previous week witnessed a gradual incline, thus picking up the positive momentum.

Opening on November 17, 2021, at $2.85, ENJ closed on November 23, 2021, at $3.85. Thus, the ENJ price made a 35.08% upside during the week. Moreover, the current 24-hour low is $3.56, while the 24-hour high is $4.14.

TradingView Chart

ENJ Technical Analysis

As discussed above, the current momentum of the price is upwards. Currently, the ENJ coin is trading at $4.16, which is 8.16% higher than yesterday’s close. This is again a positive signal.

The trend line in the OBV graph is continuing to move upwards. This shows the continuous domination of the buying volumes over the selling volumes. It is a signal for traders to take a long position.

The RSI has just hit the overbought region. A price correction may be seen soon. However, if it does not happen, then the price is likely to remain in the overbought region for a while.

The MACD graph is showing a bullish crossover. This is a strong bullish signal, urging traders to take a long position.

Day-Ahead and Tomorrow

Enjin Coin looks bullish and getting a lot of support from the volumetrics. It started its climb after another breakout and correction, implying that it can recover from the loss.

It can help the investors plan out a long-term investment, but thorough market research from verified sources and news portals is advisable before investing.

Thus, the indicators suggest that traders may take a long position here, as the market sentiment is bullish for ENJ. They may expect the price to reach $5 in the coming days. Moreover, traders can minimize damage in case of the ENJ price trend reversal by keeping a stop-loss at $3.4 to exit the market.

Yesterday, the price had crossed the Fib level at $3.63 without resistance. Today, it is approaching the next Fib level at $4.3.

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