ENJ TECHNICAL ANALYSIS | Enjin Coin TECHNICAL ANALYSIS

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We are here yet again to enlighten you with predictions from the Crypto community!!

And today we present to you a technical analysis video on the ENJ Token!

Enjin offers an encompassing virtual reality experience. It operates a number of gaming platforms that leverage its native crypto, Enjin Coin, as a means to purchase often rare and valuable in-game items. The ENJ crypto is viewed as a mainstay in the burgeoning metaverse industry.
The live ENJ price today is $2.22 with a 24-hour trading volume of $424,704,309. Enjin is down 32.53% in the last 24 hours, with a live market cap of $1,989,805,908.

With the downfall of more than 45% in the past 10 days the ENJ coin price officially enters the downtrend. Furthermore, the momentum of the downfall increases with the continuous formation of the bearish engulfing candlesticks.

Let’s have a deepened insight into the technical analysis of ENJ Token and see what the indicators have to say about it.
The downtrend breaks below the 38.20% Fibonacci retracement level. However, the support zone near the $2 mark can help control the damage and may lead into a consolidation state.
The price action of the coin indicates that the support levels are at $2 and $1.75. And, the resistance levels are at the $2.60 and $3.00 mark.

The RSI is at the 36% mark, as the slope enters the nearly oversold zone in the daily chart and heads lower to the ‘oversold zone.’ Thus, indicating a rise in underlying bearish sentiments.
The MACD indicator gave the bearish crossover as the price broke the $3.65 mark and since then, the intensity of the bearish histograms are increasing with the fast and slow line falling drastically.
Therefore, the indicators suggest increasing bearishness in the ENJ coin price and forecast a downfall to the $1 mark if the $1.75 level collapses.

In a nutshell, the indicators and the price action indicates a downfall as the bears take over the crypto-market. Hence, it is possible we can get the chance to hoard high-potential meta tokens and other coins at discounted prices. As for the ENJ prices, the $1.75 mark stands as the last line of defense against the bears.

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