Enjin Coin [ENJ] Price Prediction: Aims for a 30% breakout

Enjin Coin price has been trading inside an
uptrend for the past weeks, but still needs to climb above a key resistance level on the
4-hour chart. Fortunately, many on-chain metrics have turned
in favor of the digital asset. On the 4-hour chart, Enjin Coin has formed
an ascending triangle pattern that can be drawn by connecting the several highs with
a horizontal trend line and the higher lows with an ascending line that converges with
the upper one. The key resistance level is set at $2.8. A breakout above this point can drive Enjin
Coin price up by 34%, a price target calculated by measuring the height from the bottom to
the upper boundary of the pattern. In addition to the pattern, the percentage
of ENJ coins inside exchanges has sharply plummeted since April 8 from 42.3% to to only
39% currently. This indicates that investors have been withdrawing
their coins and do not intend to sell. On top of that, the MVRV (30d) remains at
the ‘buy’ zone below 0% which indicates bulls have a lot of space to work with even
after the potential 34% breakout.

However, a breakdown of the ascending triangle
pattern on the 4-hour chart also has the potential to drive Enjin Coin price down by 34% toward
$1.74, invalidating the entire the bullish outlook..

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