Today ENJ/USD topped the crypto daily movers list by moving approximately 14% up in price. The crypto dethroned Enjin, which was the crypto that dethroned STORJ.
Enjin Current Price: $0.5250
Enjin Market Capitalization: $458.2 Million
Enjin Total Supply: 1 Billion
Resistance: $0.5250, $0.5987, $0.6505
Support: $0.4590, $0.4384, $0.3764
EJN/USD Value Forecast: Enjin at the Beginning of Its Value Uptrend
Looking at the ENJ/USD 4-hour chart it can be observed that the crypto has been trading in a slightly downward pattern up until now. However, today this crypto seems to have changed its value direction by making a significant upward movement in value.
On this chart is the latest candlestick, and with this candlestick, Enjin arrives at its current price of $0.5250. Also, the EMA curves appear to be converging at the base of the last candle. The convergence and eventual crossing of these curves may result in more upward movement in the crypto value.
Also, the trend strength indicator reveals that crypto is on its way to the overbought area but hasn’t gotten there yet. This could only mean that the Enjin might rise even further before a downtrend resumed. Consequently, the crypto can reach value levels of $0.6000 and $0.7000.
EJN/USD Value Forecast: The End of Enjin’s Uptrend May Be at Hand
On the ENJ/USD 24 hour chart, the last candlestick seems to have fallen between the two EMAs. Subsequently, this is portraying indecision in the Enjin value direction. Although there hasn’t been any appearance of a trend reversal candlestick, we can tell that one should tread with caution here.
In addition, the faster Stochastic RSI lines appear to be making a slight bend. Should this curve touches the slower one the uptrend will reverse, even if it’s just for a short time. Traders of this crypto might want to tread carefully around this market.
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This post first appeared on: Inside Bitcoins