ENJ Technical Analysis – December 2021
Monthly Analysis
In the last 30 days, ENJ initially increased by around 92%, reaching a new all-time high at $4.85. After that, the price started declining, where a head-and-shoulders pattern saw the price drop by around 60% at around $2. The price entered a correction phase after that, but ENJ has been in a downtrend ever since.
Weekly Analysis
In the last 7 days, ENJ has been bearish. The price initially increased by 17%, but it then was followed by a dip of 20%. The new highs and lows are lower than the previous ones, indicating that the downtrend may continue for ENJ in the coming days.
Daily Analysis
In the intraday chart, ENJ has shown signs of high volatility. The price has been bearish in the intraday chart as well, as ENJ has declined by 10% in the last few hours alone. This could see ENJ drop further down in the coming hours.
Key Structures
Support
- $2.13
Resistance
- $2.57
Indicators
Moving Average
The 20-moving average of a 4-hour chart is above the price, indicating that the current trend is downward for Enjin Coin and that the price could keep declining in the coming days.
The 9-EMA of a 4-hour chart is also currently above the price, suggesting that ENJ is bearish in the short run and that the EMA line could act as a resistance structure if the price attempts a correction in the coming days.
Relative Strength Index
The RSI of a 4-hour chart is within the 30-70 range, indicating that there is plenty of room for the price of ENJ to change for the better or for worse in the coming days. Nonetheless, since the RSI is still slightly below 50, ENJ remains bearish in the short run.
MACD
The MACD line of a 4-hour chart is slightly below the signal line, indicating that the current momentum is bearish for ENJ. This could see the price of ENJ further decline in the coming days.
Fear & Greed
The fear and greed indicator of a 4-hour chart suggests that the current emotion of ENJ traders is greed due to the recent high, but it may soon turn into fear as the price has started declining once again.
Fibonacci
The Fibonacci retracement levels of a 4-hour chart suggest that the price of ENJ has recently retraced to the 61.8% Fibonacci level, suggesting that the price of ENJ could head further down in the coming days.
Price Prediction ENJ – December 2021
Based on this technical analysis of Enjin Coin (ENJ), we could see its price decline in the coming days. If ENJ does not find support at our projected structure, we could see the price go slightly below $2 in the coming days. Nonetheless, ENJ remains bullish in the longer run, and its fundamentals suggest that the price could increase in the coming weeks. ENJ could soon aim for $3.60 once again.
Latest News for ENJ – Affecting Price
Recently, there has been a lot of hype around metaverse-related cryptocurrencies. With Enjin Coin being one of them, we could see its price rebound in the coming weeks and head for new highs in the longer run.
Also read:
Enjin Coin Price Prediction 2021 and Beyond – Is ENJ a Good Investment?
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These are the Top 5 Metaverse Coins to Buy Right Now
Cryptocurrency and Metaverse – What is the Connection Between Cryptocurrencies and Metaverse?