<em><strong>The ENJ price action shows a rising wedge pattern with the 100-day SMA opposing the bullish breakout. So should you expect a breakout?</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The Enjin (ENJ) price action teases a breakout rally of a rising wedge pattern in the daily chart.</li>
 	<li>The bullish trend faces opposition from the 100-day SMA teasing a bearish reversal.</li>
 	<li>With a market cap of $578 million, the intraday trading volume of Enjin has dropped by 115% to reach $168 million.</li>
</ul>
<h3>Past Performance of ENJ</h3>
The ongoing recovery rally in the ENJ/USDT pair has shaped into a rising wedge pattern. Under the influence of this pattern, the <a href="https://www.cryptoknowmics.com/news/this-weeks-altcoins-ranking-here-are-the-top-5/" target="_blank" rel="noopener">altcoin</a> registers a 70% gain in the past six weeks. However, in theory, this pattern usually indicates an imminent downfall once the coin price breaches the bottom support trendline.

<img src="https://s3.tradingview.com/snapshots/2/2LszpkT8.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/2LszpkT8/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>ENJ Technical Analysis</h2>
The daily candle shows a higher price rejection displaying a rise in ENJ supply inflow, teasing a bearish downfall. Hence, traders hoping for a bullish breakout must wait for price action confirmation as the selling pressure increases. The higher price rejection due to the bearish opposition from the 100-day SMA teases a downfall.

The RSI slope displays a positive trend in the nearly overbought zone, maintaining above the 14-day average line. Moreover, the fast and slow lines maintain an uptrend in the MACD indicator with a spike in the bullish histogram. Hence the technical indicators oppose the higher price rejection.

In summary, the ENJ technical analysis showcases a bullish trend in motion but suggests traders should wait for a price action confirmation.
<h2>Upcoming Trend</h2>
If the selling pressure persists, the ENJ price is poised to retrace 9.5% down, hitting the pattern's support trendline at $0.58.

However, a bullish breakout will increase prices to the $0.77 mark.

Resistance Levels: $0.65 and $0.77

Support Levels: $0.58 and $0.50

ENJ Technical Analysis: Will Enjin Prices Break The Rising Wedge?

The ENJ technical analysis shows a rising wedge pattern with the 100-day SMA opposing the bullish breakout. So should you expect a breakout?

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: Will Enjin Prices Break The Rising Wedge?

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