- ENJ/USD price seeks direction outside $1.917 and $2.965 range
- Enjin Coin $ENJ listed on Coinbase Pro
Enjin Coin points to a ranging start as investors look ahead of its anticipated breakout. ENJ/USD trades at a three-week high and bulls extend gains ahead of March 18 highs at $2.87. The ENJ reached a fresh all-time high during mid-March at $3.33 before retracing mildly lower. Even so, the mood in the market remains optimistic amid the impressive rebound from recent lows as bull’s eye $3.0 on upside optimism. As per the CoinMarketCap, Asset’s market cap is $2.17 billion and $807 million in trade volume over the past 24 hours. At the time of writing ENJ/USD is consolidating its advance around the $2.51 levels.
Despite its detached stance on the trend, the sell-off in the Altcoin markets has justifiably raised eyebrows in the Enjin Coin rally. Moreover, although bearish fears remain subdued in Enjin Coin, the rally in the token has unreasonably spilled into its sentiment, causing it to consolidate with today’s low at $2.01 and an intraday high of $2.91. Though not so effective, raising fears of slowing the bullish run at the majority of Altcoins’ sell-off time.
Enjin Coin (ENJ) is an Ethereum-based coin that intends to “make using non-fungible tokens (NFTs) simple for individuals, companies, and brands.” ENJ is a cryptocurrency that is used to back the value of NFTs created inside the Enjin ecosystem. Recent news coming from Coinbase Pro as per its listing shows it has been added today, but trading will commence after 9 AM Pacific Time (PT) Friday, April 9, if liquidity conditions are met. Clients of Coinbase Pro requested for the exchange to list $ENJ and support the coin, joining Binance and a few others.
ENJ/USD Daily Chart: Ranging
Since the day’s start, the ENJ/USD traded sideways between the $1.90/$2.01 zone’s support and the resistance of the $2.91/$2.97 zone. The token price between these two zones ignored the retracement level at $2.68 and the weekly pivot point at $2.50 level. If the token price passes the resistance of the $2.91/$2.97 zone, the pair could reach the all-time high reached on March 15 at the $3.33 level.
On the other hand, the token’s price could end the sideways trading at the weekly pivot point around $2.50 and afterwards by breaching the support at the $1.90 level. In this scenario, the pair would look for support at the moving average (MA 50) level at $1.705.
- Supply Levels: $4.10, $3.33, $2.97
- Demand Levels: $2.01, $1.90, $1.48
In the meantime, the price was being approached by the support below the moving average (MA 50). In the event of a snap lower, it may provide enough support for the price to push through the resistance of the zone above $2.97; the token could test the resistance of the March high level near $3.33 in subsequent sessions.