Enjin Coin [ENJ] Price Prediction & Analysis: 24 March

Enjin Coin price shows bullish potential as
it broke out of a bullish pattern and hints at climbing higher.Enjin Coin price consistently
dropped since March 15, forming a series of lower highs and higher lows. A total of three swing highs and swing lows
were created as of March 24. ENJ’s price action evolved into a falling
wedge, drawn by connecting the pivot points using trend lines. This setup is a bullish pattern, forecasting
a 28% bull rally to $2.95, which is the distance between the swing high and the swing low added
to the breakout point at $2.29. Supporting this bullish outlook is the SuperTrend
indicator’s “buy signal” that was flashed recently. Based on IntoTheBlock’s In/Out of the Money
Around Price (IOMAP) model, a stable support level is present around $2.42. Here, roughly 125 addresses bought nearly
60 million ENJ tokens. Hence, these investors serve as a tailwind
to the already bullish outlook for Enjin Coin price.

While the bullish scenario seems to be set
in stone, rejection around the Momentum Reversal Indicator’s State Trend Resistance at $2.64
could result in a downtrend. If this downtrend pieces the breakout line
or even the State Trend Support at $1.95, the bullish thesis will be invalidated. In that case, Enjin Coin price could crash
17% to the subsequent demand barrier at $1.60..

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