Enjin (ENJ) Price Skyrockets After Blockchain Launch, How High Will It Go?
The price of Enjin (ENJ) is currently rebounding from a significant support level and there are potential bullish signals appearing. It might experience a strong recovery in the near future.
Today, Enjin announced that they will launch their own blockchain platform on September 13th. This could have a positive impact on ENJ’s price as its use cases increase.
Weekly Outlook
The price of Enjin (ENJ) has been declining since reaching its yearly high at $0.57 in February 2023. This action brought the price down to the $0.23 support level in early June and once again in mid-August.
Currently, the price is in the process of rebounding from the $0.23 support level. If successful, this move could potentially form a triple bottom pattern. This is a bullish pattern often seen at the end of a downtrend.
The weekly RSI bounced off a bullish divergence at the same time the price bounced off the $0.23 support zone. This increases the validity of the bounce.
If the price continues to rise, ENJ could increase by 89% to the long-term resistance level at $0.50.
Keylevel
The 4-hour chart supports the likelihood of a successful rebound on the weekly chart. It shows that the price has reclaimed the $0.25 support level. This means that the previous breakdown was just a deviation (green ellipse), and a strong upward movement could follow.
Furthermore, the upturn is triggered by the bullish divergence in the 4-hour RSI indicator, adding to its significance.
Therefore, ENJ may rise to the next resistance level at $0.33.
Conclusion
The most likely scenario suggests that the ENJ price will increase in the near future. The nearest target is found at $0.33, with a higher target at $0.50.
This view could be invalidated on a break below the long-term support zone at $0.23.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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