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?