ENJ Technical Analysis – September 2021
Monthly Analysis
In the last 30 days, ENJ increased by more than 50%. However, this increase was then followed by a decline of more than 40% in a course of two weeks. The trend is now downward, but ENJ might attempt to correct it in the immediate short run.
Weekly Analysis
In the last 7 days alone, ENJ decreased by almost 30%. Traders have been bearish, and the price might continue to decrease in the coming days.
Daily Analysis
As suggested, the trend is downward so we might expect ENJ to decrease. However, in the intraday chart, ENJ recently found support at $1.25, and the price might increase in the coming hours.
Key Structures
Support
- $1.25
Resistance
- $1.6
Indicators
Moving Average
The 50 moving average of a 4-hour chart is well above the price, indicating that even the longer-term trend could be bearish.
The 9-day EMA is also well above the price due to the recent price decline. It suggests that the sellers have taken over and that the EMA line could be a structure of resistance in the coming days.
Relative Strength Index
The RSI of a daily chart is close to 30, indicating that the momentum is bearish. However, the recent improvements in the RSI suggest that the price is correcting. In a 4-hour chart, the RSI is still very close to 30 and was recently in the oversold region.
MACD
Both the daily chart and the 4-hour chart show that the MACDline is below the signal line and below the baseline. This indicates that the momentum is still bearish for ENJ and that the price might continue to decrease.
Fear & Greed
Fear and greed indicator shows that the current emotion dominating for ENJ is fear. While fear indicates bearish tendencies, exaggerated fear tends to lead to reversals.
Fibonacci
The Fibonacci levels from the previous decline suggest that both the 50% and 38.2% levels were resistant to the price retracements. By that, the 23.6% extension was expected to occur, and as expected, it did. ENJ recently found support in that region.
If we look at the most recent price movement, we can see that ENJ is aiming to retrace. Therefore, we can expect it to increase in the coming hours, where Fibonacci levels could act as resistance.
Price Prediction ENJ – September 2021
Based on this technical analysis, we can expect the price of ENJ to increase in the coming hours. However, the trend is still descending so ENJ might still decrease in the coming days. We might see ENJ aim to go down to $1.1
Latest News for ENJ – Affecting Price
Bitstamp Exchange, a legitimate and widely used cryptocurrency exchange, is looking to list new cryptocurrencies. One of the considered cryptocurrencies is Enjin Coin. As ENJ becomes more accessible, its price can increase. Therefore, such an update could affect the price of ENJ in a positive way.
Also read: Enjin Coin Price Prediction 2021 and Beyond – Is ENJ a Good Investment?
