Enjin Coin Price Forecast: ENJ could take a breather before rallying 25%
|- Enjin Coin price has surged nearly 75% in the last two days.
- This bull rally has slashed the previous all-time high at $1.51 and created a new one at $1.95.
- Now, ENJ could take a small breather before rallying another 25%.
Enjin Coin price has gone parabolic in the last few days and could retrace 13% due to a sell signal presented by the Tom DeMark (TD) Sequential indicator.
Enjin price eyes a higher high
Enjin Coin price shows massive buying activity, which has led to the creation of an interim all-time high at $1.95. Although the altcoin prepares for another bull rally, there could be a small correction as the TD Sequential indicator has presented a sell signal in the form of a green nine candlestick on the 6-hour chart. This technical formation forecasts a one-to-four candlestick correction.
This drop will be followed by a spike in bullish momentum that will push Enjin Coin price by 25% to a new all-time high at $2.38, which coincides with the 161.8% Fibonacci retracement level.
ENJ/USDT 6-hour chart
The said correction could push ENJ down by 10% to a stable support barrier at $1.63. Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, 1,650 addresses purchased 12.78 million ENJ here. Hence, any short-term selling pressure will be quickly absorbed by the investors who have accumulated Enjin Coin in this price area.
Enjin IOMAP chart
On the other hand, investors need to note that if the support at $1.63 gives in, Enjin Coin price could drop to $1.51, which is the previous all-time high and coincides with the short-length exponential moving average (25 EMA).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.