Enjin Coin Price Prediction: Potential Skyrocket Scenario

Enjin Coin Price Prediction Potential Skyrocket Scenario
Enjin Coin Price Prediction Potential Skyrocket Scenario

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

Quick Take

  • Enjin Coin price is down 23% since September 1st.
  • The downtrend appears to have formed an ending diagonal pattern.
  • Invalidation of the uptrend scenario is a breach below $0.387.

Enjin Coin price shows potential to moonshot towards the September highs. Key levels have been defined.

Enjin price could pump

Enjin Coin (ENJ) price has been facing significant suppression during the fall as the Ethereum-based gaming token has lost 23% of market value since September 1st.

Now on October 26, the technicals display optimistic cues hinting that ENJ could explosively rally toward the September highs at $0.56

ENJ price currently auctions at $0.43. The 2-month downtrend has formed a wedge-like pattern known amongst Elliot Wave practitioners called an Ending Diagonal. Ending Diagonals are considered reversal patterns, notoriously known for inducing sky-rocketing countertrend rallies.

ENJ USDT 12-hour chart
ENJ USDT 12-hour chart

A significant amount of volume is displayed on October 13 during and once again on October 24 as the bulls have breached the previous swing high. If the market is genuinely set to rally, now is the time to enter. A surging 30% rally should begin unfolding in the days to come.

The Relative Strength Index confounds the bullish idea as it has crossed back into supportive territory while printing multiple bullish divergences near the lows.

Invalidation of the bullish thesis will be a breach below the October 13th swing low at $0.387. A breach of the low could induce a seller’s frenzy targeting liquidity levels near $0.30, resulting in a 30% decline.

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.