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Price action in the Enjin market may have just found suitable support after moving 1.88% on the day as of the time of writing. Consequently, its price action seems to continue with an upside retracement. However, we should try to examine how this may occur.
ENJ Statistics
ENJ Value Now: $0.2598
Enjin Market Cap: $260M
Enjin Circulating Supply:1,000,000,000
ENJ Total Supply: 1,000,000,000
Enjin CoinMarketCap Ranking: 104
Major Price Levels:
Top: $0.2598, $0.2650, and $0.2700
Base: $0.2550, $0.2500, and $0.2450
ENJ Set to Keep Gathering Profits
After Enjin’s price action landed on the 9-day Moving Average (MA) curve, it’s expected that more upside moves are likely to occur. The last price candle on this daily chart is green and has placed the current price of this token at the $0.2598 mark. Also, it shows that the found support might be as strong as expected since price action seems to have rebounded off it from the previous trading session. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines have converged for an upside crossover. Eventually, this will add more upside impetus to this market to support bullish expectations.
Upside Momentum in the Enjin Market Appears Weak But Won’t Back Down
Price activities in the ENJ/USD 4-hour market continue to show that prices may keep going higher, even at a steady pace. Here the MACD lines have crossed above the equilibrium level but look tangled, which suggests indecision at this point. However, on the chart, the last price candle can be seen pipping above the 9-day MA after surpassing the 21-day MA. Such price activity at this point suggests that prices are more likely to gather traction. This may signify the initial stage of an even stronger upside retracement in this market, and this token’s price may journey toward the $0.2700 mark.
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