ENJIN Price Analysis: Battle for Dominance Begins

• On the daily price chart, the ENJ price is moving along a parallel channel of downward movement.
• The short-term price chart depicts the battle of dominance between the bulls and bears.
• The ENJ/BTC pair is at 0.00002697 BTC which is at a significant gain of 4.29%.

The ENJ price is surfing under the parallel channel of downtrend movement over the daily price chart. After a strong downtrend movement, the ENJ bulls are trying hard to push the price to the upper arm to register a successful breakout to make the price back on track as it is moving very low at present.

One of the major reasons behind the reversal is the domination by the traditional cryptocurrency, Bitcoin. The BTC today crossed the mark of 21,000 USD which is giving support to the rest of the altcoin, but still, the ENJ token needs to attract some buyers in order to make this reversal successful. The trading volume is still at a decrease of 19.77% which is a huge loss and needs to be focused on.

The current price for one ENJ token is moving at $0.57 which is a gain of 1.79% in its market capitalization in the last 24 hrs. The token has a trading volume of 53 million which is at a huge loss of 19.88% (still falling) in the 24 hrs trading session and has a market cap of 512 million. The volume market cap ratio is 0.1046.

Short-term Analysis

We can observe a close battle between the bulls and bears for market dominance over the daily price chart. The token is trading below the multiple EMA of 20, 50, 100, and 200 days.

The MACD indicator shows the buyers’ line is moving below the seller’s signal line but the buyers’ line is about to make a cross from below which indicates the increase in buying along with the supporting histograms. The relative strength index shows the price was oversold for a long time which now attracted buyers. The RSI value is nearly equal to 30.

Conclusion

The ENJ price is surfing under the parallel channel of downtrend movement over the daily price chart. The major reason behind the reversal is the domination by the traditional cryptocurrency, Bitcoin, but still, the ENJ token needs to attract some buyers in order to make this reversal successful. Whereas the hourly chart depicts the battle for dominance, an overall uptrend is expected as indicated by the technical indicators.

Technical levels

Resistance levels: $0.75 and $0.91

Support levels: $0.51 and $0.43

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.