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Enjin Coin (ENJ) Breaks Out After Long Consolidation Period

2 mins
Updated by Geraint Price
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In Brief

  • ENJ has broken out from a descending wedge.
  • There is resistance at $2.57 and $3.
  • ENJ is still trading inside a short-term ascending parallel channel.
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Enjin Coin (ENJ) is showing decisive signs of a bullish reversal but has yet to break out from its short-term structure.

ENJ has been falling since reaching an all-time high of $4.84 on Nov 25. The downward movement continued until the price reached a low of $1.15 on Feb 24.

ENJ has been moving upwards since. On March 14, it broke out from a descending wedge. The descending wedge is considered a bullish pattern, meaning that it leads to breakouts the majority of the time.

If the upward movement continues, the closest resistances would be at $2.57 and $3 respectively. These are the 0.382 and 0.5 Fib retracement resistance levels respectively.

Future movement

Technical indicators on the daily time frame support the continuation of the upward movement.

Prior to the breakout, both the RSI and MACD generated significant bullish divergences (green lines). Such divergences often precede bullish trend reversals.

Since then, the RSI has moved above 50 and the MACD has nearly crossed into positive territory. Both of these are considered signs of bullish trends.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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