Enjin(ENJ) sitting in a bullish triangle pattern
Hello. According to my technical analysis, Enjin(ENJ) is ready to break its All Time High. We may see price go to 4$ , or maybe even 5$ in the next 2 weeks if we have a breakout.
In the 4 hour chart we can see a price triangle pattern, drawn with red and green dashed lines. Price is currently resting on this pattern. This is part of a healthy pullback, with falling volume and high volume on up candles.
Looking at the RSI, it also formed its own triangle pattern, in which it had a breakout already, unlike price where it is still consolidating. This is a bullish sign.
The 20, 50 and 100 MA still acts as support. If we want the breakout of the triangle to be a success, we will want these Moving Averages to hold.
Let's see how the price of ENJ goes. I will keep this post updated. Thank you for reading!
In the 4 hour chart we can see a price triangle pattern, drawn with red and green dashed lines. Price is currently resting on this pattern. This is part of a healthy pullback, with falling volume and high volume on up candles.
Looking at the RSI, it also formed its own triangle pattern, in which it had a breakout already, unlike price where it is still consolidating. This is a bullish sign.
The 20, 50 and 100 MA still acts as support. If we want the breakout of the triangle to be a success, we will want these Moving Averages to hold.
Let's see how the price of ENJ goes. I will keep this post updated. Thank you for reading!
Comment:
ENJ broke down the triangle pattern. Let's continue watching how ENJ goes.
