The Enjin Coin price awaits a clear to establish
as buyers and sellers fight to take control. The Enjin Coin price is stuck trading between
two stable barriers creating equal highs and lows. A flat parallel channel is formed when the
swing highs and series of lows are connected using trend lines. Since this pattern has no bias, a breakout
will be crucial in setting up a clear trend.
Therefore, a breach of the upper trend line
at $2.65 will signal the start of a new uptrend. However, if the demand barrier at $1.99 is
shattered, a downswing will ensue. At the time of writing, the Enjin Coin price
seems to be supported by a confluence of the 100 Simple Moving Average (SMA) at $2.32,
and the SuperTrend indicator’s buy signal spawned on March 24. Thus, a bounce from this level could result
in a 15% upswing toward the upper trend line or the State Trend Resistance at $2.65 set
up by the Momentum Reversal Indicator (MRI).
If such a move were to happen, the $3.60 target
for ENJ is determined by adding the channel’s height, 35%, to the breakout point at $2.65. Supporting the bullish outlooks is the addition
of four new whales to the ENJ network since April 3 who have joined 395 other investors
that hold 100,000 to 1,000,000 ENJ tokens. This increase affirms a positive outlook for
the Enjin Coin price. The declining exchange deposits combined with
the surging daily active addresses further confirm increased adoption and reduced selling
pressure for Enjin Coin. The number of daily active addresses has grown
by 35% since March 26 to where it currently stands, 2654. This spike imitates retail investors' interest
in the asset at the current price levels. Despite the bullish momentum, if sellers prevent
the Enjin Coin price from growing beyond the upper trend line, a reversal could be underway. Additionally, if the sellers slice the flat
channel’s middle line, ENJ could collapse 15% toward the demand barrier at $2.60, coinciding
with the 61.8% Fibonacci retracement level. However, a spike in bearish momentum that
causes a breakdown of the lower channel at $1.99 could result in an 8% crash toward the
50% Fibonacci retracement level.
This descent could extend to $1.61, which
is the 38.2% Fibonacci retracement level..