Enjin Coin Price Forecast: ENJ prepares for massive upswing as investors remain confident
- Enjin Coin price remains above a key support level on the 12-hour chart.
- The number of ENJ coins in exchanges has sharply dropped, indicating that investors do not plan to sell.
- ENJ faces steep resistance ahead, according to on-chain metrics.
Enjin has lost about 57% of its value in the last two weeks, hitting a monthly low of $1.69. The digital asset has managed to see a significant rebound from this point and aims to hold a key support level.
Enjin Coin becomes scarcer as investors withdraw their coins from exchanges
Despite the massive Enjin Coin price crash, the number of coins inside exchanges has continued to drop. The percentage of the total supply fell by three points in the last week, which is significant and indicates that investors are not interested in getting rid of ENJ.
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ENJ Supply on Exchanges
This coincides with the increase in the number of large holders with 100,000 to 1,000,000 coins, which exploded in the past month from a low of 395 to a current high of 479.
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ENJ Supply Distribution chart
On the 12-hour chart, the digital asset defended a key support level at $2.05 and could see a significant rebound toward $2.59 at the 61.8% Fibonacci retracement level if it can break $2.16. There is an additional price target at $3.2 at the 78.6% Fibonacci retracement level.
ENJ/USD 12-hour chart
However, a 12-hour candlestick close below $2.05 would quickly push Enjin Coin price toward the 38.2% Fibonacci retracement level at $1.73.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
