Enjin is a public blockchain network that facilitates the development of Non-Fungible Tokens (NFTs) for individuals, businesses, and brands. It follows a reward-based system and successful developers will be rewarded with Enjin Coins (ENJ). ENJ is the native token of this ecosystem and its technical analysis is as follows: Past Performance On May 20, 2021, ENJ started trading at $1.20. On May 26, 2021, ENJ closed at $1.93. Thus, in the past week, the ENJ price has risen by approximately 61%. In the last 24 hours, the ENJ price has traded between $1.68-$2.03. https://ift.tt/3usiXNS Day-Ahead and Tomorrow Currently, ENJ is trading at $1.71. The price has decreased from the day’s opening price of $1.93. Thus, the market seems bearish. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect an intermittent price rise amidst a bearish trend. Currently, the RSI indicator is at 35%. It faced rejection at 52% and fell to this level. Thus, selling pressures are high. In other words, like the MACD oscillator, the RSI oscillator is also indicating a bearish price trend. Besides, the A/D indicator is upward sloping but for the past few minutes has started falling steadily. Thus, whale distributions are slowly overtaking whale accumulations. High selling activity will push the crypto price downwards. In short, all three indicators have given negative signals. ENJ Technical Analysis Currently, the price has fallen below the first support level of $1.74. It may soon fall below the subsequent support level of $1.66. Thereafter, we have to wait and watch if the price starts moving upwards. The price has tested and fallen below the 76.4% FIB retracement level of $1.76. However, we can expect the price to retest and break out of this level after some time. If by day end, the price retests and surpasses the 23.6% FIB retracement level of $1.95, then probably a price uptrend has set in. In that case, the price upswing may continue tomorrow as well.
The post ENJ Technical Analysis: Price Below Support Level of $1.74, May Soon Fall Below $1.66 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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