Enjin price analysis

ENJ/USD Long-term Trend: Bullish

Key resistance levels: $0.22, $0.24, $0.26

Key support levels: $0.16, $0.14, $0.12

In late February, ENJ saw a spike after rumors started circulating that the Enjin cryptocurrency wallet would be featured on Samsung’s Galaxy S10 smartphone. The ENJ market went into a frenzy, with the coin gaining 300% in two weeks. The massive impact of this news positioned the token in a bullish trend, respecting the trend line. But as revealed on the daily MACD, a potential fall is around the corner. Currently, ENJ is trading at around the $0.19 price level.

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Reaching a high of $0.22, ENJ/USD seems to have finished a retracement move after testing the $0.16 support level where the trend line lies. Breaking this support would probably switch the trend to a bearish reversal, following a lower low, lower high pattern. $0.16 is the key support level to watch for ENJ.

If a rebound occurs, however, the next bullish move is more likely to retest the previous resistance at $0.22 before a higher high, higher low rally. More importantly, the chance of a downward move is higher than the chance of an upward movement at the moment. Regardless of the short-term direction, Enjin Coin is still displaying a bullish long-term trend.

ENJ/USD Medium-term Trend: Bullish

After the 2019 all-time-high at $0.26 area; Enjin Coin had been following a medium-term bullish scenario as trading aims at the $0.22 resistance level. As revealed on the 4-hour MACD, the ENJ direction is diverging - the bears are now in control of the market.

A look at the ascending channel suggests that ENJ has been trading within the range of the trend lines for the past nine days now, moving along as the token volatility sets for a price break.

However, a positive move could take the price up to the $0.22 and $0.25 resistance levels in a concurrent move. On the flipside, a negative move could drop the token to the $0.16 support and below. Whichever way, a bearish reversal is more likely to come to play.

ENJ/USD Short-term Trend: Bullish

For the past three days, ENJ has been maintaining a short-term bullish move after last week’s decline, testing $0.16 support level. Currently, the token is running a pullback to the bottom of the $0.19 support level, where the red trend line lies. A further drop below the red trend line would turn the trend bearish.

In the last 24 hours, ENJ trading volume has been at around $26 million, with the token maintaining a $147 million market capitalization. Following an upward momentum, the major key resistance levels are at $0.20, $0.21, and $0.22.

At this moment, it is important to still consider the token in bullish condition until price breaks down at the ascending trend line (red).

Latest Enjin news

The Enjin team is currently at the Game Developers Conference in San Francisco, which is the largest event of the year for the gaming industry. Recently, Enjin's Blockchain SDK was added to the Unity Store, bringing an important boost for the accessibility of their tech - Unity is a hugely successful engine for developing video games. On March 18, ENJ was listed on UPBit, a major South Korean cryptocurrency exchange.