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Enjin Price Analysis: Is It The Right Time To Buy The Discounted ENJ Coin Prices?

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The ENJ token retraced up to 20% after facing resistance near the 3.5 mark resulting in a falling channel formation. However, the chances of the falling channel giving a bullish breakout increase as the technical indicators take the bullish side. Hence, buying at current prices has its risk; that is why the channel’s breakout can be an excellent buying time. 

Key technical points:

  • The ENJ token price action forms a falling channel in the 4-hour chart. 
  • The MACD indicator gives a bullish crossover in the 4-hour chart.
  • The intraday trading volume in the ENJ token is $505 Million, indicating a 10% hike.
TradingView Chart

Source- ENJ/USD chart by Tradingview

The ENJ token shows retracement after facing the sudden increase in supply near the $0.35 mark. However, before the downfall, the support trendline in action makes a solid flag pattern in the 4-hour chart.

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The Relative Strength Index value at 54 indicates a retracement to the 50% mark in the daily chart. Moreover, the RSI line also displays a hidden bullish divergence in the daily chart that increases the chances of a bullish breakout.

The MACD indicator also forecasts a bullish breakout of the parallel channel as the fast and slow lines give a bullish crossover in the 4-hour chart. 

ENJ/USD Chart In The 4-hour Time Frame

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TradingView Chart

Source- ENJ/USD chart by Tradingview

The ENJ token price recently fell after the double top pattern in the 4-hour chart. However, the support zone near the $2.75 mark helps halt the falling prices more than once. However, traders can observe the falling prices taking support near the $2.40 and $1.98. However, the breakout of the previously mentioned falling channel can find resistance near the $3.5 mark.

The ENJ token price action shows an upside retracement after finding demand near the $2.75 mark. Hence, we can shortly see the prices reach the $3.25 mark. 

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How Polkadot’s parachain auctions are benefiting Enjin

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Enjin has emerged as one of the market’s top gaming tokens of late. Recently, it pictures significant growth on the charts too. However, the catalyst for this growth has been its Efinity Network which is striving hard to become what the Enjin community expects it to be.

Even so, the question remains – Can Enjin investors actually gain something out of this situation?

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With the parachain auctions underway and Acala winning the first round, the hype around Enjin’s Efinity Network is growing massively. Interestingly, Acala or Moonbeam is already poised to win the first slot. So, the network is aiming to compete where it could win. And, also trying to get the fourth slot of the auction which will be decided on 2 December.

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If it wins the slot, the Efinity Network’s mainnet will become operational by the end of 2021. Notably, it has designs for a $100 million Metaverse fund to support projects on the chain.

Efinity currently has 1.7 million DOT worth $68 million raised. Moreover, it is presently placed 7th in competition with Manta, Clover Finance, Astar, and Parallel Finance.

Parachain auction live status | Source: Parachains.info

In response to the beginning of these auctions, multiple exchanges and protocols have been showering Efinity with support. Gate.io, BitMart Exchange, and Indodax are some examples that have either listed EFI or added support for depositing and trading. AAX exchange also announced a 5000 EFI NFTs giveaway in celebration of EFI’s listing. 

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Now, this has actually second-hand benefitted Enjin and its investors. Especially since the altcoin has literally jumped 2x in the last one month, marking a 141% rally.

Enjin price action | Source: TradingView – AMBCrypto

As a result, right now almost 95% of all addresses are enjoying profits compared to two months ago when the figures were half of it. Consequently, investors once again have become active, something that is visible in the 160% jump registered on the charts.

Enjin addresses profitability | Source: Intotheblock – AMBCrypto

However, it is not just retail investors who have become active. Whales too have been enjoying profits and even cashing it in.

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Volumes averaging at $10 – $12 million every day for the last month signified that Enjin’s 13 whales are constantly active.

Enjin whales | Source: Santiment – AMBCrypto

Taking all the aforementioned instances into account, it becomes clear that the network is in a good space now. This can also be backed by the rising market value of ENJ. In fact, the indicator is at its highest in over seven months now. 

Enjin MVRV | Source: Santiment – AMBCrypto

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Enjin Price Analysis: The Technical Chart Indicates More Potential For ENJ Token

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The ENJ token presented an impressive recovery from its minor retracement phase. The token surged around 50% from this week’s low and has also breached the All-Time High Resistance of $3.53. The token price sustaining above this resistance should initiate a strong rally in ENJ.

Key technical points:

  • The ENJ token price action forms a Cup and Handle in the daily time frame chart. 
  • The daily RSI chart shows a significant divergence bearish for ENJ price.
  • The intraday trading volume in the ENJ token is $1.6 Billion, indicating a 51.4% hike.
TradingView Chart
Source- ENJ/USD chart by Tradingview

The ENJ token indicated an excellent opportunity for its traders by forming a Cup and Handle pattern in the daily time frame chart. The neckline of this pattern was also the ATH resistance level, i.e., $3.53. And on November 19th, the token provided a deceive breakout from this overhead resistance, triggering an entry signal for these traders.

The crucial EMAs(20, 50, 100, and 200) show the strong bullish alignment for the ENJ token. Moreover, the 20 EMA line provides strong support to the token price.

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The Relative Strength Index value at 69 suggests the token maintains a bullish sentiment. However, the RSI shows a considerable bearish divergence in its chart, indicating doubts for this bullish rally.

ENJ/USD Chart In The 4-hour Time Frame

TradingView Chart
Source- ENJ/USD chart by Tradingview

The ENJ token price retraced back to the $3.53 neckline to check for proper support. The chart displayed a 4-hour bullish engulfing candle indicating strong bullish momentum in this token. However, the bearish divergence in RSI cannot be ignored, and therefore, the crypto traders should follow strict risk management if they enter with a long trade.

According to the daily-traditional pivot levels, the nearest resistance for this token would be at $4.66 and later $5.85.

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