Enjin Coin (ENJ) Secures Support at $1.4 – Price Analysis

  • EJN price analysis reveals bullishness today.
  • ENJ/USD witnessed a further plunge overnight.
  • The alt spiked to $1.40 today morning.

Enjin Coin price outlook reveals bullish actions as the altcoin secured dependable barrier at $1.40. That way, EJN seemed to form a swing low and now contemplates a move to recover previous losses. However, the overall crypto market industry recorded plummets within 24 hours. The leading cryptocurrencies, Bitcoin and Ethereum, registered 6.41% and 11.6% drops, respectively. Meanwhile, the altcoin market followed similar trends.

Enjin Coin Lost another 30%

ENJ/USD reflected massive volatility within the past 24 hours, hovering in the $1.38 to $2.0 range. The overall trading volume gained around 50% to $375 million. Meanwhile, ENJ ranks 64 in the crypto list by value, its market cap wavering near $1.27.

ENJ/USD 4Hr Timeframe

The 4hr chart shows Enjin Coin presenting highs after briefly breaching the $1.4 barrier. That shows a potential swing low for the alt as it plans to explore further upside. Remember, ENJ has witnessed steady plummets within the past few weeks. The altcoin lost approximately 35% from its massive swing high of $3.3, exploring the support floor at $2.2 last week.

However, ENJ set another lower high around $2.6 on January 12, translating to gradual lows. Late sessions on Thursday present a massive downside break, hitting $2 within a few hours. For here, the alt noted further downswings within the past 24 hours, ENJ testing the $1.4 level today morning. However, the coin currently rejected downswings, recording a swift move beyond $1.4, possibly showing a formed swing low.

Final Thought

Enjin Coin (ENJ) presents a bullish outlook today. That comes as the token appears to form a massive swing low around the $1.4 level. The past few hours had ENJ/USD rejecting further plummets with a swift move past $1.5.

Though we expect ENJ to surge, its upcoming price reactions might rely on the broad market sentiment. For now, the crypto spectrum flashes downswings. Bitcoin appears weak, exchanging hands around $35,277 at this publication. Meanwhile, the glo9bal crypto market cap dropped by over 11% since yesterday, wavering at $1.62 trillion. Maintaining such trends might ruin EJN’s upward journey.

Editorial credit: Ira Lichi / Shutterstock.com

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