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.
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.