ENJUSD +20% profit potential on this buy opportunity

Enjin Coin (ENJUSD) broke last week above the top (Lower Highs trend-line) of the Descending Triangle pattern that has been in effect throughout the whole year. This is a major bullish break-out signal and despite the rejection on the 1D MA50 (blue trend-line), the price action being similar to the June fractal, provides a strong short-term buy opportunity.

Even on 1D RSI terms, the fractals are identical and it appears we are at the stage of the final leg up as this pull-back is completed. This gives a profit potential of +20% and as a result, our short-term target is 0.30000.

ENJ can turn bullish on the long-term only if a weekly candle closes above the 1W MA50 (red trend-line), which has been the long-term cyclical Resistance since February 2022 and is currently about to test Resistance Zone 1 and the 0.382 Fibonacci level. If we get this closing above it, we will buy again and target 0.43000 (Fibonacci 0.618).


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