Enjin Coin price analysis: ENJ gains 16 percent as the price zooms past $4.5

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TL;DR Breakdown

  • The Enjin Coin price analysis is bullish today.
  • ENJ breaks above the $4 psychological mark.
  • The ENJ is in overbought status.

The Enjin Coin price analysis shows the coin is in bullish momentum, as today it broke above $4.5 towards an all-time high. The ENJ/USD pair has been in bullish mode since 17th November, and the latest bullish momentum started on 22nd November after a day of correction. Overall the coin has been bullish since 29th September as the price trend line has been upwards since then.

However, ENJ went into consolidation phase on 7th November, which continued till 18th November, and on 19th, the coin rallied high towards the $3.6 mark, gaining significant value. Today ENJ is at an all-time high of $4.53 while swinging as high as $4.74 at a point. The nearest support for the crypto pair is present at $4.08.

ENJ/USD 1-day price chart: ENJ on a bullish flight

The 1-day Enjin Coin price analysis shows that the cryptocurrency is still racing higher above $4.5 as it is trading hands at $4.53 at the press time. The ENJ/USD pair reports a gain in value by 16.8 percent over the last 24 hours and also an increase in the price value by 57.2 percent over the course of the past seven days. The market cap has improved by 16.7 percent, and the trading volume has increased by almost 48 percent.

Enjin Coin price analysis: ENJ gains 16 percent as the price zooms past $4.5 1
ENJ/USD 1-day price chart. Source: Tradingview

The volatility is increasing for the ENJ/USD as the Bollinger bands are expanding again and continue to diverge, with the upper band at $4.08 representing support for the ENJ/USD pair. The moving average (MA) is present at the $3.49 mark.

The ENJ/USD is also overbought at the moment, as the relative strength index (RSI) continues to trade in the overbought region at index 73 from 23rd November. The RSI curve is still steeply upwards, indicating high buying activity in the market.

Enjin Coin price analysis: Recent developments and further technical indications

The 4-hour Enjin Coin price analysis shows that the price breakout was upwards today, and the cryptocurrency has not undergone correction today at any point as all the candlesticks for today are green. As bulls are defining the price curve, and the price is oscillating fast upwards, which still continues to the upside.

Enjin Coin price analysis: ENJ gains 16 percent as the price zooms past $4.5 2
ENJ/USD 4-hours price chart. Source: Tradingview

The volatility has been increasing for the crypto pair on the 4-hour chart as well as the Bollinger bands are expanding steeply, with the upper band at $4.48 representing support for the ENJ/USD pair and the lower band is present at the $2.96 mark. The moving average (MA) is present at the $4.08 mark here as well, and the RSI has entered the overbought region on the 4-hour chart as well today as now the RSI is trading at index 76.

Enjin Coin price analysis: Conclusion

The Enjin Coin price analysis shows the value of the crypto pair has increased significantly today as the ENJ price is at the highest point of all times. The price is covering an upwards range from the last 20 hours, but during the remaining four hours, a slight correction may loom as the crypto pair is already overbought as well.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.