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Enjin Coin Price Analysis: ENJ returns around the $2.60 previous support

TL;DR Breakdown

  • Enjin Coin price analysis is bearish today.
  • ENJ/USD dropped to $2.62 overnight.
  • Market saw strong reaction higher over the last hours.

Today’s analysis of the Enjin Coin price is bearish, as we have already witnessed a significant drop from the $2.80 high, with little support at the $2.60 previous support. As a result, we anticipate ENJ/USD to drop further, with a goal of $2.25 as the next red target.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has posted mixed results over the last 24 hours, with a lot of the downside already regained. Market leaders, Bitcoin and Ethereum, gained flat rates of 0.26 and 0.43 percent, respectively, while the rest of the top altcoins have lost.

Enjin Coin price movement in the last 24 hours: Enjin Coin drops to $2.52, starts to recover

The price of ENJ/USD fluctuated within a range of $2.52 to $2.73 over the past 24 hours, showing significant volatility during that time period. Trading volume has increased by 122 percent to $700 million and trading activity has boomed by 122 percent. The market capitalization is currently at $2.44 billion, with a 24-hour volume of $700 million.

ENJ/USD 4-hour chart: ENJ submits to bearish pressure

On the 4-hour chart, we see the Enjin Coin price bounce back quickly throughout the previous hours, suggesting that more gains may be on the way later today.

ENJ/USD 4-hour chart. Source: TradingView

After reaching an all-time high of $4.85 on the 25th of November, the Enjin Coin price has been declining steadily for weeks. From there, ENJ/USD retraced a bit more than 30 percent to the $3.25 support, establishing a somewhat lower low.

After another attempt to rise on the 28th of November, only the $3.92 level was surpassed before more selling took place. ENJ/USD has dropped significantly in recent days, with no signs of a halt in sight.

The Enjin Coin price tumbled by more than 35 percent in less than 24 hours last time. A solid lower low was established at $2.20, and the market’s bullish movement has begun again today. As a result, a new swing low is established, and ENJ/USD will likely recover some of its losses over the next 24-hours.

Enjin Coin Price Analysis: Conclusion

The price of ENJ is on a decline today, as we anticipate it to move higher toward the $3.25 next support turned resistance. Bears are now exhausted, and the price of ENJ/USD needs to recover as a result.

While waiting for Enjin Coin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on December 6, 2021 5:34 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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