In yesterday’s trading session, Enjin price showed all the signs of a price reversal, with prices surging by almost 5 per cent. However, today’s continuation of the long-term bearish trend puts a question mark on the recovery of the cryptocurrency.
Since its launch in 2017, Enjin Coin has grown to become one of the largest cryptocurrencies today, with a market capitalization of $485 million. The crypto has also continued to gain traction among blockchain users focused on data and Web3 technology.
One of the biggest uses of the Enjin has been in NFTs, gaming and art projects. Today, almost everyone can be able to access the crypto and use it to buy NFT. In addition, Enjin is also listed on multiple trading platforms, further making it easy to purchase, which has partly contributed to its popularity.
Enjin Price Prediction
Enjin is down by 2 per cent in today’s trading session. The drop, however, has not been surprising, and it is likely that it is the resumption of a long-term bearish trend that started on July 20. Looking at the chart below, we can see that today’s push to the downside comes a day after Enjin gained almost 5 per cent in the markets.
Yesterday’s price surge had all the signs of a price reversal, and considering the Enjin price has been trading within an ascending channel for weeks, it would have made sense. However, with today’s price giving strong bearish signals, my price prediction expects the prices to continue falling until the channel’s lower trendline is hit.
If prices break out of the lower trend line to the downside, then there is a high likelihood that we will see prices hit the $0.443 price level. However, if the prices fail to break out of the channel, then I expect the prices to bounce from the trend line and approach the upper trend line, continuing a long-term bullish trend.
Enjin Daily Chart