These on-chain metrics suggest whales are planning to dump the Enjin Coin price


  • Enjin Coin price has lost 40% of its market value since last week.
  • ENJ has witnessed the largest influx of daily transactions this year.
  • Invalidation of the downtrend scenario is a breach above $0.36.

Enjin Coin price could be on its way to new lows. On-chain metrics suggest whales might be offloading, while the technicals show little hope for a bullish retaliation. Key levels have been identified to determine Enjin Coin’s next move.

Enjin Coin price is in trouble

Enjin Coin (ENJ) price has been underwater most of the fall. On November 9, the bears added more pressure to the Ethereum-based gaming token as a 40% decline ensued in free-fall fashion. The declining rally has produced a steep-angled trend, which has given the trapped bull no chance to recover losses. Now on-chain metrics suggest bulls in the market may endure more pain in the days to come.

Enjin Coin price currently auctions at $0.31. Santiment’s Exchange Inflow and Daily Active Addresses Indicators compound the notion that the downtrend is far from over. On November 12, the Exchange Inflow indicator witnessed the largest influx since July, resulting in a sharp sell-off. The Daily Active Addresses exhibited the largest influx of transactions since the 2021 peaks when ENJ traded in at all-time highs for one day in the $4 zone. The ENJ price subsequently fell penny-from-Eiffel style by 90%  and never retested the $4 barrier.

tm/enj.onchain

Santiment’s Exchange Inflow and Daily Active Addresses Indicators

A Fibonacci projection tool surrounding the previous downtrend rally and retracement shows the current declining price at the 61.8% FIb level. Based on the confounding evidence above, it is likely that ENJ will fall into the 100% level at $0.25 in the coming days.

Invalidation of the bearish thesis will be a breach above the recent thrust candle that pierced the 8-day exponential moving average at $0.36. A breach of the invalidation level could induce a further uptrend targeting the recently broken support levels at $0.43, resulting in a 40% advance.

tm/enj/11/16/22

ENJUSDT 3-day chart

In the following video, our analysts dive deep into the price action of Enjin Coin, analyzing key market interest levels. -FXStreet Team

 


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP