While several cryptocurrencies witnessed significant correction during this second month of 2023, the Enjin coin price maintained a slow yet steady recovery rally. The series of new higher highs and higher lows continued the bull run and pushed the prices to a five-month high of $0.569 thus, with today’s 10.77% jump, the coin price offers a bullish breakout from the last swing high of $0.525, offering further growth potential for ENJ.
Key points:
- Compared to some classic examples of rounding bottom pattern, the Enjin coin shows a bit of a pointy bottom which only means a more aggressive bounce back and strong commitment from buyers
- A bullish breakout from weekly resistance of $0.525 bolstered buyers to reach the $0.6 mark
- The intraday trading volume in ENJ price is $230 Million, indicating a 540% loss.
Source- Tradingview
The last seven price action in the Enjin coin price shows the formation of a rounding bottom pattern. This chart structure is a sign of sustained recovery and trend reversal offering multiple entry opportunities for traders.
Today, the coin price witnessed a significant inflow and breached the last swing high resistance of $0.52. This breakout should offer buyers additional support to continue the bullish trend higher.
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A daily candle closing above $0.52 resistance, will encourage buyers to lead a bullish trend 6.5% higher to surpass the $0.577 mark. However, under the influence of this bullish pattern, the Enjin price is set for a sustained rally to the $0.75 mark.
On a contrary note, if the daily candle closes below the $0.52 level, the coin holder may make a minor consolidation before the bull run continues.
Technical Indicator
The daily-RSI slope sustains above the midline during the recent correction in ENJ price indicating the market sentiment remains bullish.
As per the trend-based Fibonacci indicator, the $0.528 breakout could lead a bullish rally to the following levels $0.567(0.5FIB), $0.6(0.618FIB), and $0.654(0.786FIB).
Enjin Coin Price Intraday Levels-
- Spot rate: $0.53
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.56 and $0.6
- Support level- $0.528 and $0.488
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from CoinGape