EnjinCoin(ENJ)/USDT Technical Analysis: 11 January 2022

EnjinCoin after forming a mountain is on the verge to break through the pattern with strong momentum. This momentum may further help the price to even slice through the consolidation and reach the initial target beyond $3. However, before that, the asset may accumulate more strength as currently, the buying volume appears to be pretty less than selling, hence even a small volume of selling may shed all the gains. 

Despite the uncertainty hovering around the asset, yet the technicals suggest the asset is in a good position in the short term. But in the long term, the asset may fall within the same bearish trap if failed to sustain above these levels!

EnjinCoin(ENJ)/USDT Technical Analysis at a Glance

EnjinCoin began the 2022 trade on a positive note, but very soon the trend flipped into a deeper bearish well. Upon that the recent dip slashed the prices to the lowest levels which compelled the asset to maintain a substantial downtrend. Moreover, the technicals are also sliding down, yet a stronger rebound is very much required at the moment that coils ease out the bear power to some extent. 

EnjinCoin(ENJ) Technical Indicators & Pivot Points

Technical Indicators

Pivot Points

Summary

EnjinCoin in the long term is extremely bearish, with most of the indicators pointing towards a Strong sell signal. The Relative Strength Index(RSI) is showing weakness, plunging towards the south. While the Williams Range is in the oversold levels. While in the short-term, the asset is a little hopeful of making a minor upwards trajectory as the RSI is still neutral and makes a divergence depending on the volume induced.

Despite the ATR or the Average True range, a volatility indicator signals a drop in the volatility rate in both the short-term and long-term. On the other hand, the Bull-Bear power indicates the strength of the bulls in the short term, while in the long term the bears may take control. 

Coming to the pivot levels, the current price levels are very close to the 50-day MA levels and a successful breach may assist the uptrend. Yet the minimum level to acquire is the 200-day MA which is also the resistance in the short-term. However, the resistance and support levels are a little distinct and hence one can expect a decent volatility rate for an upcoming couple of days, irrespective of the direction of the price. 

EnjinCoin(ENJ)/USDT Technical Analysis for the Week

The ENJ token initiated the past week’s trade on a notable downtrend.  Despite multiple attempts to flip the bearish trend, the asset gets rejected each time, compelling it to form constant lower highs and lows. Currently, the price has touched the lower support levels of the symmetrical triangle and manifests huge chances of breaking the lower levels and diving deep.

Source: Tradingview Date: 11-01-2022 Time: 6:16pm

• ENJ price ever since smashed its highs maintained a notable depleted trend and despite an attempt to flip from the bearish trend, yet again fell into the same deep well
• The asset from then is trending in a symmetrical triangle with elevated support levels but diminished resistance levels.
• Currently, it is a little distinct from the apex of the triangle but on the verge to slice down the lower support levels. In this case, the ENJ price could roll down towards the lower support levels around $1.664, while the next move depends upon the volume accumulated then.
• However, the asset is attempting hard to sustain within the triangle and rebound to clinch the upper resistance levels of the triangle to hit the price zone around $2.5 initially. Later the short-term target at $2.9 or $3 may be feasible in the short term. 
• Yet the strong resistance levels still lie above $3.5 levels which may confirm with the uptrend and later a probable bull run. 

EnjinCoin(ENJ)/USDT Technical Analysis for Today: 11 January 2022

After the massive sell-off on 6th January 2022, the asset is utilizing every resource to manage the trembled situation. Woefully, by forming constant lower highs and lows, the ENJ price is following a strong downtrend. However, the asset is accumulating notable buying for the past couple of hours that may assist the price to test the immediate resistance levels around $2.3. 

The EnjinCoin Price at the press time is $2.25 with a slight increase of 2.13% compared to the last trading day. The trading volume witnessed an increase of 44%, yet to hit $300 million, while the market capitalization records levels above $1.9 billion with an increase of 2%. 

Where & How to buy EnjinCoin(ENJ)

EnjinCoin is a very popular NFT that is available for trade on almost all the major platforms including India’s most popular & reliable platform CoinDCX. We are India’s first crypto unicorn with a large user base of more than 7.5 million with more than 4 million active users. Signing up and registering is very simple and easy, just download the CoinDCX mobile App and follow the instructions. 

CoinDCX is all set to upgrade with loaded advanced features, new design, unlimited chart access, etc many more in line. Therefore download the mobile App now and with the upgrade, you can enjoy the benefits of the CoinDCX Pro App very soon. 

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