Sheldon McIntyre, CMT
Independent Analyst
- Enjin Coin price drifting lower in a descending channel.
- A 390% gain in March could continue into month-end.
- But for now, it seems like ENJ could retrace as it hovers in overbought territory.
Enjin Coin price has rallied over 2,800% since the January low and closed nine of the past ten weeks generating substantial gains. The weekly Relative Strength Index (RSI) hit 97 recently, suggesting that ENJ is highly overbought.
Enjin Coin price correction not over yet
Enjin Coin has been correcting over the last three hours after stalling above the high printed earlier in the day at $3.02. The drift lower has shaped a declining channel, with the topside trendline showing resistance at $2.93 on the 10-minute chart.
The lower half of the channel intersects with the 100 and 200 ten-minute simple moving averages (SMA), creating an additional line of support for any further weakness in Enjin Coin price.
The most recent bounce did stall at the channel’s middle trendline, indicating that more weakness is still possible in the short-term.
As long as the lower trendline holds around $2.73, it is projected that ENJ price will overcome the earlier breakout highs and target the 1.382 extension line at $3.24, followed by the 1.618 extension level at $3.37.
ENJ/USD 10-minute chart
Nonetheless, if ENJ price breaks below the channel’s lower edge, the price will fall quickly to $2.46 before discovering support.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Shiba Inu eyes positive returns in April as SHIB price inches towards $0.000015
Shiba Inu's on-chain metrics reveal robust adoption, as addresses with balances surge to 1.4 million. Shiba Inu's returns stand at a solid 14.4% so far in April, poised to snap a three-month bearish trend from earlier this year.
AI tokens TAO, FET, AI16Z surge despite NVIDIA excluding crypto-related projects from its Inception program
AI tokens, including Bittensor and Artificial Superintelligence Alliance, climbed this week, with ai16z still extending gains at the time of writing on Friday. The uptick in prices of AI tokens reflects a broader bullish sentiment across the cryptocurrency market.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week. This week’s rally was supported by strong institutional demand, as US spot ETFs recorded a total inflow of $2.68 billion until Thursday.
XRP price could renew 25% breakout bid on surging institutional and retail adoption
Ripple price consolidates, trading at $2.18 at the time of writing on Friday, following mid-week gains to $2.30. The rejection from this weekly high led to the price of XRP dropping to the previous day’s low at $2.11, followed by a minor reversal.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.