ENJ/BTC: Higher Lows, Looking for Further Momentum 2D (Aug. 13)

X Force Global Analysis:


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In this analysis, we look at Enjin Coin's (ENJ) 2 day chart, identifying key trend lines and areas of support.

Analysis

- ENJ has been creating higher lows and higher highs, until recently it has had a corrective trend
- Prices bounced on historical support, marked by the blue area
- It is currently trading below the 0.382 Fibonacci resistance, and has tested the 0.618 resistance with a wick
- However, as the overall trend is bullish, we could expect further bullish price movement from ENJ

What We Believe

Given that Bitcoin ranges sideways for a while, Bitcoin dominance will drop accordingly, providing opportunities for a bullish altcoin market. The overall cryptocurrency market is bullish, just as ENJ's overall trend.

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