One of the oldest cryptocurrencies, which was founded in 2009, Enjin Coin (ENJ), has been making significant progress lately while staying in line with the rest of the altcoin market that is booming right now, thus evoking the speculations regarding the next altseason. It must be noted that currently, we are witnessing an increased correlation between Bitcoin and many altcoins, something we haven’t seen since the bull market of 2017.
ENJ/BTC comparison chart
It doesn’t mean, of course, that the market is setting up to relive the events of 2017, but this peculiarity offers a hint with regard to the underlying bullish sentiment across the entire market, which, in its turn, points to the possibility of ENJ approaching the all-time high at $0.49, which is 53% from the current price of $0.229, by the year’s end, or even by the end of Q3 of 2020, considering the dynamics of market development.
Traders who were foresighted enough to get involved with ENJ at least a week ago could already scoop up a nice 37% profit from the bullish sprint that took the price above the critical resistance level - now support - at $0.2, which, as you can see on the chart below, served as an ultimate magnetic point for the price throughout the entire existence of Enjin Coin. That is the level where ENJ got rejected after the bullish rally of 2019, which ultimately led to a prolonged correction and the market collapse. It also marked the starting point of another deep correction in 2018 after the burst of the crypto bubble.
ENJ historical chart
Therefore, if you went long on Enjin Coin some time ago and want to maintain this position in hopes of higher profits, then placing a stop-loss below $0.2 is mandatory at this junction, because the price might get rejected again and go into yet another correction. The probability of this scenario is rather low at the moment, but it would be foolish to disregard it, especially since the global economy is likely to suffer another blow caused by the second wave of COVID-19 that is already rising in Europe and Asia. As for the bullish scenario, it seems to be more realistic due to the following reasons:
1-day ENJ/USDT chart
In conclusion, let’s have a quick look at the daily time frame to determine the scope of price action in the near future. Notice the big cluster of bullish volume that tends to increase, along with the growing green histogram of MACD, which is a sure sign that the bullish momentum is in full swing. Both Stochastic and RSI are in the overbought zones, although they have reached the extremes. Therefore, we predict another upswing to $0.25 before Enjin Coins starts retracing.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||92%||4||$26 358.83||0.34%||-2.46%||$513 940 893 353|
|2||ETH||Ethereum predictions||90.4%||6||$1 605.45||0.57%||-1.06%||$193 030 672 715|
|3||USDT||Tether predictions||94.4%||1||$0.999256||-0.02%||-0.09%||$83 209 237 743|
|4||BNB||Binance Coin predictions||90.4%||4||$211.90||-0.51%||-1.42%||$32 599 483 391|
|5||XRP||XRP predictions||89.6%||8||$0.498171||-0.94%||-3.82%||$26 558 684 405|
|6||USDC||USD Coin predictions||92%||1||$1.000013||-0.01%||-0.01%||$25 482 938 324|
|7||STETH||Lido stETH predictions||93.2%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|8||WTRX||Wrapped TRON predictions||88.8%||20||$0.084973||0.59%||0.51%||$8 639 700 468|
|9||ADA||Cardano predictions||88.8%||8||$0.244012||-0.57%||-2.80%||$8 571 772 939|
|10||DOGE||Dogecoin predictions||93.6%||6||$0.060473||-0.46%||-3.62%||$8 537 944 555|
|11||SOL||Solana predictions||86.8%||22||$19.21||1.02%||-4.69%||$7 926 687 641|
|12||TRX||TRON predictions||86.4%||18||$0.085280||0.25%||0.71%||$7 597 972 233|
|13||TON||Toncoin predictions||59.2%||84||$2.16||2.18%||-9.20%||$7 427 615 519|
|14||DAI||Dai predictions||92.4%||1||$0.999584||-0.05%||-0.02%||$5 345 663 638|
|15||DOT||Polkadot predictions||88.8%||11||$4.00||-0.25%||-3.61%||$4 927 453 445|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.