Enjin coin has formed a strong bottom at $0.09 area, where price bounced at least three times. Since the beginning of April ENJ/USD price was consistently moving up while bouncing off the uptrend trendline.
The rise has resulted in the break above the 200 Moving Average followed by the downtrend trendline break. This is the first strong signal of a potential trend reversal, that could result in a 230% growth from the current price.
The first strong resistance is seen at $0.32, which is 127.2% Fibonacci retracement, applied to the corrective wave down where double bottom was formed. The second and key resistance is based at $0.5, which is 227.2% Fibonacci retracement level.
On the downside, Enjin coin could correct down to the $0.1 psychological support before growth continues, but only break and close below the $0.09 support could invalidate bullish outlook and extend the consolidation.
The rise has resulted in the break above the 200 Moving Average followed by the downtrend trendline break. This is the first strong signal of a potential trend reversal, that could result in a 230% growth from the current price.
The first strong resistance is seen at $0.32, which is 127.2% Fibonacci retracement, applied to the corrective wave down where double bottom was formed. The second and key resistance is based at $0.5, which is 227.2% Fibonacci retracement level.
On the downside, Enjin coin could correct down to the $0.1 psychological support before growth continues, but only break and close below the $0.09 support could invalidate bullish outlook and extend the consolidation.