Enjin Coin’s Upward Move May Be Just Beginning

Recently, the price broke out from a short-term descending resistance line and has been gradually increasing since. Well-known trader @Lomahcrypto tweeted an ENJ chart and stated that the price is likely to continue moving upwards towards the outlined target of 2,700 satoshis.

Lomah stated:

HE DON’T MISS. But in all seriousness, this is the FTA and if we get an H4-H12 confirmed flip, I’m looking to add to this position. Alts have been decimated and I think that build up in Q4 2019 is accumulation.

Enjin Coin (ENJ)

The ENJ price has been increasing since the March 13 market bloodbath. However, an upwards move really accelerated five days after, and the price has been following an ascending support line since. This support is also strengthened by the presence of the 50-day moving average (MA). Furthermore, ENJ has flipped the 1,630 satoshi level and validated it as support afterward, a sign that the price is likely to continue moving upwards.

In the shorter-term, we can see that the price has already broken out above a resistance line, and is in the process of moving upwards. The next closest resistance level is found at 2,100 satoshis. This is a very likely area for the rally to end, because it falls between the 1.21-1.618 Fibonacci levels of the previous decrease.

Long-Term Movement

In the long-term, we can see that the price is still in the process of retracing from the rapid decrease that began in February 2019. The closest resistance level is found at 2,750 satoshis, which is both an important Fib level and an area that has previously acted as both resistance and support. While the price is expected to eventually reach this area again, it is difficult to predict whether it will be able to move above it.

To conclude, the ENJ price is likely to increase until it finds resistance at the 2,100 satoshi level. In the long-term, it is expected to increase until it reaches 2,700 satoshis.