Bitcoin
BTC$41 774.92

-1.51%

Ethereum
ETH$3 118.68

-1.45%

Tether
USDT$1.000320

-0.02%

Binance Coin
BNB$466.91

-0.67%

USD Coin
USDC$1.000410

0.03%

Cardano
ADA$1.34

-9.23%

Enjin Coin (ENJ): Breaking Away From the Important Resistance


August 2020

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.  

There is little that could hold down the bulls now


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.

Author: Alex Paulson for Crypto-Rating.com

Related

Enjin Coin (ENJ): Everything Points to a Price Drop
Enjin Coin (ENJ): Everything Points to a Price Drop
Enjin Coin (ENJ) Recovers After Significant Drop
Enjin Coin (ENJ) Recovers After Significant Drop
The Bulls Favor Enjin Coin (ENJ)
The Bulls Favor Enjin Coin (ENJ)
Enjin Coin: Gaming Coin That Doesn’t Care About the Crisis
Enjin Coin: Gaming Coin That Doesn’t Care About the Crisis

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 68.4% 61 $41 774.92 -1.51% -4.69% $790 978 008 201 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 77 $3 118.68 -1.45% -7.60% $371 830 760 833 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000320 -0.02% 0% $78 339 642 559 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 59 $466.91 -0.67% -4.12% $77 094 686 457 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000410 0.03% 0.03% $45 996 617 886 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 75.2% 51 $1.34 -9.23% 3.04% $44 862 610 713 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 62.4% 82 $136.01 -3.30% -10.60% $42 727 088 409 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 66.8% 66 $0.741075 -2.05% -7.24% $35 321 959 717 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 74% 56 $80.80 0.51% 0.71% $28 879 627 990 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72% 51 $24.15 -4.13% -11.76% $23 854 220 686 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 76.8% 46 $0.162274 -2.55% 1.56% $21 529 056 131 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60.8% 81 $83.56 -3.11% -11.61% $20 417 555 600 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 71.2% 61 $0.000027 -3.13% -14.21% $15 094 146 945 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.4% 59 $2.05 -5.04% -12.70% $15 023 124 537 MATIC 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $0.999348 -0.14% 0% $14 332 300 070 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 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.