Technical Analysis Crypto

Enjin Coin (ENJ) Technical Analysis: ENJ Price Primed To Hit INR 100 Soon

enjin coin

KEY TAKEAWAYS

  • The ENJ price closed the previous day’s trade at INR 135 with a market capitalization of 154 Cr and a circulating supply of 874,674,705.57 ENJ (10 April, 2022)
  • The asset is attempting to halt the bearish trend which ignited during the previous day’s trade but eventually may end up visiting the lower support

ENJ/INR TECHNICAL-ANALYSIS FOR SHORT-TERM

Source: Tradingview

  • The ENJ price attempted for a strong uptrend but woefully the price slash dragged the price from the local highs at INR 150 to the levels around INR 120
  • In the due course, the ENJ price may slide down towards INR 120 to complete the inverse cup and handle a pretty bearish pattern
  • With a breakout from this pattern, the ENJ price may slide down below the neckline and visit the lower support close to INR 111
  • However, the asset could find a notable rebound from these levels to retest the neckline and further a massive pullback could drag the price towards the crucial lower support close to INR 100.

Additional read: Enjin Price Prediction.

ENJ/INR TECHNICAL ANALYSIS FOR LONG-TERM

Source: Tradingview

  • The long-term forecast appears pretty crucial as the asset posses both possibilities of a rebound as well as a breakdown
  • After hitting the highs around INR 372, the ENJ price followed a notable descending trend until it visited INR 100.
  • Despite a flip from these levels, the price appears to be primed to revisit these levels shortly.
  • The levels along INR 100 are extremely important as if the price breaks from these levels, then it may fall into a deep bearish well. And if it rebounds successfully, then it may achieve the crucial resistance between INR 167 to INR 174.

Read detailed technical analysis of Enjin Coin here. 

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The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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