Enjin Coin price’s 13% surge helped breach
a falling wedge pattern. This setup forecasts a 28% upswing to $2.95.
ENJ supply barrier at $2.65 could deter this bull rally.
Enjin Coin price shows bullish potential as it broke out of a bullish pattern and hints
at climbing higher. Enjin Coin price confirms resurgence of bulls.
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..