- The ENJ price closed the previous day’s trade at INR 135 with a market capitalization of 154 Cr and a circulating supply of 874,674,705.57 ENJ
- The asset is attempting to halt the bearish trend which ignited during the previous day’s trade but eventually may end up visiting the lower support
Enjin Coin(ENJ) Technical – Analysis for Today: 11 April 2022
The ENJ price after consolidating heavily dropped from the crucial support at INR 133.01 and slid down drastically. However, the price appears to have halted the descending trend for a while. But eventually, the price could further continue dropping heavily as the price is swinging within a significant bearish flag. And hence a strong price drain may follow after the current consolidation.
Enjin Coin(ENJ) Technical Analysis at a Glance
Enjin coin price reached heights during Q4 2021 and since then the price maintained a notable descending trend. No doubt the asset ignited a notable flip but remained within the bearish trend. After being rejected a couple of times, the rally appears to have lost its strength and hence the descending trend may continue ahead.
|Short-Term||The ENJ price has recorded huge losses and hence it may rebound slightly which could halt the bearish trend, but it may be a short-lived one|
|Mid-Term||A significant amount of selling volume has been accumulated and hence the price may keep falling hard|
|Long-Term||The price fails to maintain a strong uptrend and hence may continue to plunge towards the immediate support|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||29.19 / 48.30||Sell / Sell|
|MACD(12,26)||-0.036 / 0.036||Sell / Buy|
|Average Directional Index(ADX)||28.45 / 41.43||Sell / Sell|
|Bull-Bear Power||-0.083 / -0.106||Sell / Sell|
|Moving Average(MA)-50||INR 131.72||INR 116.16|
|Moving Average(MA)-200||INR 131.34||INR 162.47|
|Resistance||INR 137.42||INR 161.71|
|Support||INR 115.40||INR 115.40|
|Average True Range(ATR)||0.0271||0.1561|
Most of the indicators point toward an extreme sell-off in both the time horizons. The RSI is falling, while the strength of the rally is depleted. And as the bears take the whole control, the volatility is also at its peak. Therefore, even if the price surges it may be yet another bull trap.
On the other hand, the current price is equidistant from the immediate resistance and support levels. And hence the upcoming move may decide the trend of the price rally which appears largely bearish at the moment. Therefore, even if the bulls try hard, the price may soon visit the local support.
ENJ/INR Technical-Analysis for Short-Term
- The ENJ price attempted for a strong uptrend but woefully the price slash dragged the price from the local highs at INR 150 to the levels around INR 120
- In the due course, the ENJ price may slide down towards INR 120 to complete the inverse cup and handle a pretty bearish pattern
- With a breakout from this pattern, the ENJ price may slide down below the neckline and visit the lower support close to INR 111
- However, the asset could find a notable rebound from these levels to retest the neckline and further a massive pullback could drag the price towards the crucial lower support close to INR 100.
Additional read: Enjin Price Prediction.
ENJ/INR Technical Analysis for Long-Term
- The long-term forecast appears pretty crucial as the asset posses both possibilities of a rebound as well as a breakdown
- After hitting the highs around INR 372, the ENJ price followed a notable descending trend until it visited INR 100.
- Despite a flip from these levels, the price appears to be primed to revisit these levels shortly.
- The levels along INR 100 are extremely important as if the price breaks from these levels, then it may fall into a deep bearish well. And if it rebounds successfully, then it may achieve the crucial resistance between INR 167 to INR 174.
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