Enjin Coin Price Analysis: ENJ returns above $2.60 previous support, ready to test $3.25 resistance?

Enjin Price analysis

TL;DR Breakdown

  • Enjin Coin price analysis is bullish today.
  • ENJ/USD dropped to $2.20 overnight.
  • Market saw strong reaction higher over the last hours.

Enjin Coin price analysis is bullish today as we have already seen a strong recovery from the $2.20 low, with the $2.60  previous support not offering much resistance. Therefore, we expect ENJ/USD to continue higher, with the next target at $3.25.

Enjin Coin Price Analysis: ENJ returns above $2.60 previous support, ready to test $3.25 resistance? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen a strong decline over the last 24 hours, with a lot of the downside already regained. Market leaders, Bitcoin and Ethereum, lost 12.62 and 7.69 percent,  respectively, while the rest of the top altcoins have lost even more.

Enjin Coin price movement in the last 24 hours: Enjin Coin drops to $2.20, starts to recover

ENJ/USD traded in a range of $2.10 – $3.22,  indicating extreme volatility over the last 24 hours. Trading volume has spiked by 122 percent, totaling $700 million. The total market cap has declined to $2.44 billion, ranking the coin in 59th place overall.

ENJ/USD 4-hour chart: ENJ recovers to $2.90

On the 4-hour chart, we can see the Enjin Coin price action swiftly recovering previous loss over the last hours, likely leading to more upside later today.

Enjin Coin Price Analysis: ENJ returns above $2.60 previous support, ready to test $3.25 resistance?
ENJ/USD 4-hour chart. Source: TradingView

Enjin Coin price has seen a steady decline over the past weeks after a new all-time high was set at $4.85 on the 25th of November. From there, ENJ/USD retraced a little over 30 percent to the $3.25 support, setting a slightly higher low.

Another attempt to move higher followed on the 28th of November, with only the $3.92 mark reached before further downside was seen again. After slowly moving back to the $3.25 mark over several days, ENJ/USD spiked lower Yesterday.

This time, the Enjin Coin price lost around 35 percent in less than 24 hours. A strong lower low was set at $2.20, with bullish momentum returning Today. Therefore, a new swing low is set, and we can expect ENJ/USD to regain some of the loss over the next 24 hours.

Enjin Coin Price Analysis: Conclusion 

Enjin Coin price analysis is bullish today as we expect further recovery towards the $3.25 next support turned resistance. ENJ/USD has set a strong lower low, and now recovery is needed as bears are finally exhausted. 

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.

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