Enjin Coin price shows a higher possibility
of an uptrend that could test a critical supply barrier. On-chain metrics add a tailwind to this scenario,
hinting that ENJ is primed for a swing high. Enjin Coin price is currently trading at $1.602
after facing rejection at a minor resistance level at $1.693. If the buyers slice through this barrier,
ENJ will likely rally 25% into the supply zone that extends from $1.922 to $2.234. Enjin Coin price will likely create a third
equal high at $2.01. Supporting this move higher is the accumulation
that ENJ investors are witnessing. From May 23 to date, whales holding between
1,000,000 to 10,000,000 tokens have increased from 53 to 59.
This 11% rise suggests that these market participants
believe in the performance of Enjin Coin price. Furthermore, there seems to be no immediate
threat of a sell-off, as confirmed by the whale transaction metric. In fact, transfers worth $100,0000 or more
have declined from 74 on May 27 to 1 on May 29, suggesting an extremely low possibility
of a potential spike in selling pressure. While things seem to be looking up, investors
need to note that the directional bias for Enjin Coin price after tagging $2.01 is unknown. Therefore, market participants need to exercise
caution here. A potential downswing could evolve here after
hitting $2.01. Supporting such a move is the slight increase
in the supply of Enjin Coin held by exchanges from 343 million to 345 million ENJ from May
23 to date.
If Enjin Coin price fails to breach the immediate
resistance level at $1.693, it will signal weakening buying pressure. In that case, a breakdown of the support at
$1.412 will invalidate the bullish thesis detailed above. Under these circumstances, Enjin Coin could
slide 10% to retest the swing low set up on May 30 at $1.235..