The Enjin Coin price has confirmed a bullish
breakout that could propel the token to new all-time highs. On the 6-hour chart, Enjin Coin shows a downward
sloping price action seen after a 185% upswing. While the initial spike in price can be viewed
as a flag pole, the consolidation that followed can be considered a flag. The bull flag is a continuation pattern that
projects a 65% upward trajectory for ENJ, determined by adding the flag pole’s height
to the breakout point at $2.32. This target places the Enjin Coin price at
$3.83. ENJ’s price spike on March 28 confirmed
a bullish breakout that kickstarted the 65% bull rally to new highs.
Enjin Coin needs to slice through the overhead
barrier produced by the Momentum Reversal Indicator (MRI) at $2.64. This move will serve as a secondary confirmation
and catapult the token higher. Adding credence to this bullish thesis is
the lack of resistance as opposed to multiple stable support barriers as portrayed by IntoTheBlock’s
In/Out of the Money Around Price (IOMAP) model. According to the IOMAP cohorts, 2,500 addresses
that purchased 12.11 million ENJ at an average price of $2.47 will be the only deterrent. Whales holding between 1,000,000 to 10,000,000
ENJ have increased their holdings from 16.4% to $17.2%, which is a 4.5% increase since
March 23. This uptick in ENJ tokens held by high net
worth individuals is bullish in that it displays their optimistic outlook on Enjin Coin at
the current price levels.
While everything seems to be looking up for
the Enjin Coin price, investors need to pay close attention to the 50 Simple Moving Average
(SMA) at $2.32. A breach of this level could be the first
sign of trouble. If the bears manage to slice through this
level, it will put 3,500 addresses holding nearly 110 million ENJ “out of the money.” Such a move might trigger a 9% drop to the
100 SMA at $2.12 or a 15% retracement to MRI’s breakout line at $2..