Enjin Coin Price Analysis – Is ENJ Getting Ready for Another Leg Up?

Key Highlights:

• ENJ price has seen a 370% increase over the last year
• Bullish momentum is extremely strong
• It could face further consolidation

*price at the time of writing

The huge uptrend created by Enjin has continued after a brief pause back in the second half of December when the digital asset was trading sideways for the most part. ENJ saw a significant bull break on January 23rd and a price increase of almost 100% until February 5th, peaking at $0.1535. 

ENJ has slowed down since the peak crashing down to $0.11907 before a recovery. The bulls used the 12-period EMA as support but they were unable to break the high and set a lower high at $0.1489.

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Enjin Coin Price Analysis

What has been going on?

One of the biggest catalysts for Enjin’s bull run was definitely the partnership with Microsoft. This partnership was clearly a huge boost to investor’s confidence as Microsoft is basically the largest technological giant in the world. The company introduced something called ‘Azure Heroes’, a reward system using digital collectibles. 

Additionally, Enjin also reminded its users that the public mainnet launch is near. This mainnet does not mean the project is launching its own blockchain but rather a developer’s portal.

The public mainnet launch of the Enjin Platform is near! ????

Soon, any developer will be able to integrate #Ethereum-based assets into their games and apps with ease, using their favorite tools and coding languages.

Be the first to know when it launches: https://t.co/bm7W5w5mSA pic.twitter.com/oGtBS6oQ6t

— Enjin (@enjin) February 4, 2020

Even more fuel for Enjin’s bull run comes from a few rumors about possible partnerships. The first one is Samsung, this rumor originated back in 2019 when a screenshot about a Samsung Blockchain official app showed a few coins including Enjin. The second rumor comes from Enjin’s telegram chat and it’s hinting at a possible partnership with BMW, one of the biggest car manufacturers, however, both rumors are still not confirmed.

Enjin Coin short-term prediction: Neutral/Bullish

Clearly, the short-term is bullish for ENJ, however, we might see a case of ‘buy the rumors, sell the news’ soon if anything is actually confirmed. Additionally, it’s possible that ENJ needs to see further consolidation to cool off the RSI and MACD levels on all time frames.

The 4-hour chart has been shifting between an uptrend and a downtrend several times and it’s currently looking to break the last high at $0.1489 as a bullish hammer reversal candlestick has just formed. If the bulls can break this high, they will face no resistance until $0.1535, the daily high. 

Where is the resistance toward the upside?

As mentioned above, the next 2 clear levels of resistance lay at $0.14898 and $0.153. The bulls still have a lot of momentum and we could see a break of both resistances within the next few days. After the last daily high, the bulls are facing no resistance until $0.1630. 

Although there isn’t a lot of resistance to the upside, the bulls have used a lot of strength and volume already and we could see a pullback because of exhaustion. 

What are the technical indicators showing?

The daily RSI is currently at around 68 points, really close to being overheated, although this hasn’t stopped the bulls from seeing further upside action. Looking at the Squeeze indicator, there is a clear shift towards bullish momentum that started on January 23rd. The MACD is also showing a positive shift for the bulls.

The 12 and 26-period EMA are bullishly crossed on the daily chart and ENJ has been trading above both of them for almost a month now. The 12-period EMA will be the first one to act as support in case of a crash. 

Previous ENJ analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Enjin: