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Enjin Coin (ENJ) Price Prediction Slips Amid Blockchain Launch

0 113
  • 1 Enjin coin price trades at $0.2213 while witnessing a loss of 0.94% during the intraday trading session
  • 2 ENJ price melts below 20, 50, 100, and 200-day exponential moving averages.
  • 3 The year-to-date return of Enjin coin is -8.02% while the one monthly return is -23.76%.

Enjin (ENJ) price gained strong bullish momentum during mid-June, rising from a low of $0.2480 to a July high of $0.3448. The cryptocurrency price attempted several times to climb and close above $0.3250 but the move was halted due to the strong presence of bears.

The rejection induced a negative sentiment in the market and the price broke the trendline. It melted to form a support at $0.2270 during early September and commenced a bullish rally. The move ended as soon as the price reached near $0.27 and faced strong rejection.

On 12 September, ENJ price finally broke the support level of $0.2270. The previous candle closed as a bearish candle with a long lower wick, indicating that bulls are trying to protect the price from further downfall.

Enjin Coin (ENJ) Price Prediction Slips Amid Blockchain Launch

Source: ENJ/USDT By TradingView.

The current candle is bearish and might break the low of the previous candle on the condition that bearish momentum prevails. If bears can push the price below $0.215, ENJ price might melt down toward the next resistance level of $0.16.

On the other hand, if ENJ’s price can form support and rise above $0.2420, the asset price might retest $0.27.

ENJ Launches Enjin Blockchain

Enjin, a pioneer in the realm of gaming and NFT ecosystems, finally launched the Enjin blockchain on 13 September 2023. Enjin blockchain was unveiled back in June and the community responded positively. The new chain is set to fulfill the original visions of both Enjin and Efinity which will make NFTs accessible to all.

The Enjin and Efinity communities will be consolidated and the ecosystem will run on one unified token (ENJ). Efinity Matrixchain will be formally integrated into Enjin Matrixchain as the pioneer matrixchain on Enjin Blockchain following the successful referendum held back in June 2023.

Will ENJ Price Fall to $0.16?

Enjin Coin (ENJ) Price Prediction Slips Amid Blockchain Launch

Source: ENJ/USDT By TradingView.

The cryptocurrency price has slipped below 20, 50, 100, and 200-day exponential moving averages, indicating strong bearish momentum. Chaikin money flow score has dropped below the 0 mark and currently trades at -0.10, suggesting weakness and capital outflow from the market.

The relative strength index trades at 35.99, nearing the oversold zone, implying strong selling pressure over the price. The Bollinger bands have contracted indicating a decrease in volatility.

The long/short ratio of Enjin coin is 0.94 with 48.68% longs and 51.32% shorts, suggesting slightly higher selling pressure in the last 24 hours.

Conclusion

The market structure and price action of Enjin coin is overall bearish and if the cryptocurrency price breaks below $0.215, it might slide down to $0.16.

Technical Levels

Major support: $0.215 and $0.16

Major resistance: $0.242 and $0.27

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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