bitcoinBTC/USD
$ 19,938.75
ethereumETH/USD
$ 1,124.85
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.456223
xrpXRP/USD
$ 0.322567
usd-coinUSDC/USD
$ 1.00

Enjin Coin Price Prediction August 2021: ENJ With Possible Reversal

ENJ Technical Analysis – August 2021

Daily Analysis

Enjin Coin has been bullish for more than one month now. From July 20th to August  23rd, ENJ increased by more than 130% up to $2.21. However, ENJ could have a possible reversal if it does not find support at key structures.

Intraday Thoughts

As per usual, ENJ has had high volatility in a shorter timeframe. The recent pullback might be the indicator that ENJ has reversed and may now head further down in the upcoming weeks.

Key Structures for Enjin Coin

Support

  • $1.83, $1.74, $1.44.

Resistance

  • $2.02, $2.09, $2.21.

Indicators

Moving Average

Despite recent corrections, the 20-day moving average has been below the candlesticks for quite some time now. While it may act as a level of support, it was recently broken on August 18, indicating that ENJ might reverse. Looking at the 20-MA in a 4-hour chart, recent price movements have put candlesticks below the MA line. 

Relative Strength Index

The RSI is within the 30-70 range, so ENJ is neither overbought nor oversold. Due to this, ENJ can easily find support at the projected structures because of the buying pressure.

MACD

As for the MACD, it is above the signal line and above the baseline in a daily chart. Because of this, ENJ might look to increase again at least to its first resistance level. However, the MACD of a 4-hour chart is heading below the baseline and the signal line is above the MACD line. This might mean that the selling momentum is increasing in the upcoming hours or days.

Fibonacci 

Fibonacci retracement constructed from the beginning of the recent uptrend suggests that the 38.2% support has been broken, and ENJ might find support at the 50% level, despite being temporarily broken on August 25th. The 61.8% level can also provide support for ENJ at $1.74.

Head And Shoulders 

Looking closely at the 4-hour chart, a head and shoulders pattern has emerged for Enjin Coin. If the neckline does not provide support at the 50% Fib. retracement level, then Enjin Coin might be in a bearish run. If it finds support and a possible double-bottom is formed, then ENJ might head upwards again up to resistance.

Elliot Waves

In an in-depth view of ENJ from July 20th, Elliot waves have formed, where the third wave is noticeable the largest and has a smaller correction. If that is the case, then corrective A, B, and C waves could form and ENJ might be heading downwards.

Price Prediction Enjin Coin – August 2021

Based on this technical analysis, ENJ might be correcting up to the first resistance level up to $2.02, and then further decline to $1.74 as the ENJ / USDT trading pair is now in a downtrend. Furthermore, a head and shoulders pattern, as well as the end of Elliot waves, suggest that ENJ can further decline if it does not find the needed support at certain structure levels.

Latest News for Enjin Coin – Affecting Price

Enjin Coin has announced that it is going to bring virtual worlds in its blockchain as a 3D experience for users to enjoy. First and foremost, they have brought ancient Egypt, where users can learn and experience historical landmarks through the use of NFTs. Such additions further utilize Enjin Coin as a cryptocurrency that plans to change the gaming industry once and for all. This can drive the price of ENJ despite what technical analysis suggests that may happen. 

To understand more about Enjin Coin as a project, check out this article:

Enjin Coin Price Prediction 2021 and Beyond – Is ENJ a Good Investment?

Also read:

Related News

Will KuCoin Token Reach $100 in 2022 – KuCoin Price Forecast

KuCoin is a popular cryptocurrency exchange because of its cheap fees and extensive range of features. The platform allows you to trade in futures and margin products, using a vast variety of tokens to pick from. The crypto exchange also has a native coin KuCoin Token (KCS). KuCoin’s numerous features, low costs, and wide range of cryptocurrencies make it a great choice for experienced cryptocurrency traders. But what about its

Read More »
Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

Ethereum Price Prediction May 2022: Will ETH Reach $5,000 in May?

ETH Technical Analysis – May 2022 Ever since hitting an all-time high in November of 2021 at around $4,800, the price of Ethereum (ETH) has been in a downtrend. Initially, the price declined by around 26%, and ETH ended the year at $3,500. That bearish momentum continued in January as well, where ETH declined by almost 45% in January alone. However, ETH managed to find support at $2,160, which then

Read More »
Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

Bitcoin Price Prediction May 2022: Will BTC Reach $100,000 in May?

BTC Technical Analysis – May 2022 Ever since Bitcoin (BTC) reached its all-time high in November of 2021 at around $69,000, the price has been in a downtrend. The price initially declined by more than 30%. BTC ended the year at around $50,000.  In 2022, BTC maintained that similar approach, where the price declined by an additional 35% in the first few weeks of the year. After finding support at

Read More »

My Coins

bitcoinBitcoin
$ 19,938.752.12%
ethereumEthereum
$ 1,124.853.48%
cardanoCardano
$ 0.4562232.61%
tetherTether
$ 1.000.06%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org