Enjin Coin Price Forecast: ENJ could trigger 20% correction if this key level fails

Source Fxstreet
  • Enjin Coin price shows that its 90% uptrend after a late February breakout is under threat.
  • Failure from ENJ bulls to make a comeback could lead to a 20% correction to $0.386.
  • A decisive flip of the $0.696 resistance level into a support floor will invalidate the bearish outlook.

Enjin (ENJ) price sits atop a key barrier that will decide where ENJ will go next. A breakdown could lead to a double-digit correction, but a bounce here could trigger an even bigger rally.

Also read: Arbitrum Arcade launch could fuel narrative for crypto gaming tokens

Enjin Coin price at pivotal point

Enjin Coin price trigged a 94% ascent after it breached the declining trendline in late February. This move caused ENJ to pierce the $0.386 and $0.486 hurdles and set up a local top at $0.687. However, the profit-taking or exhaustion caused the altcoin to shed 27% from the top, and it currently trades at $0.499. 

Going forward, investors can expect Enjin Coin price to break down the 0.486 support level and retrace lower. This move will allow the Relative Strength Index (RSI) to reset around the 50 mean level. The weekly imbalance, extending from $0.365 to $0.434, will be a key zone to accumulate ENJ.

However, for the long-term outlook to remain bullish, the Enjin Coin price needs to hold above the $0.386 support level. A breakdown of this level could attract breakout traders and holders to sell their stack, adding selling pressure to the ensuing correction.

Also read: Gaming tokens surge, in spillover effect from Bitcoin price rally: GALA, SAND, ENJ, BEAM, APE

ENJ/USDT 1-week chart

ENJ/USDT 1-week chart

While the short-term correction thesis is logical, Bitcoin’s (BTC) slightly bearish leaning bias helps Enjin Coin price in its journey to the key support level. However, if BTC manages to overcome the lack of volatility and kickstart its ascent, then Enjin Coin price could bounce off the $0.486 support level and restart its ascent.

In such a case, Enjin Coin price could rally roughly 42% and tag the next critical resistance level at $0.698. A clean flip of this level will invalidate the potential bearish outlook for ENJ and open the path up to the $0.914 level, roughly 35% away from $0.698.

Read more: Avalanche price could rise 20% on gaming narrative ahead of GDC conference

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
AUD/USD: Current price action is likely the early stages of a recovery – UOB GroupAustralian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Author  FXStreet
Jan 22, Wed
Australian Dollar (AUD) is likely to trade in a sideways range between 0.6220 and 0.6290. In the longer run, current price action is likely the early stages of a recovery phase that could potentially reach 0.6350, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
placeholder
Five bullish Shiba Inu (SHIB) Price Predictions for April 2025SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
Author  FXStreet
Apr 16, Wed
SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
placeholder
Gold price slides back closer to $3,300 amid positive risk tone, modest USD uptickGold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
Author  FXStreet
20 hours ago
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
placeholder
Gold extends consolidation ahead of key US data releasesGold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
Author  FXStreet
18 hours ago
Gold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
goTop
quote