Since August 13, the Enjin price has trended downwards. However, it wasn’t until the next day that the current aggressive push to the downside started.
Since August 14, when Enjin’s price managed to hit highs of $0.75, the crypto has dropped by 25 per cent to its current price of $0.56 at press time. Therefore, today’s drop of 8 per cent makes it the 7th consecutive trading session that prices are dropping.
The current Enjin price drop has been in tandem with the general industry that, for the past one week, has been aggressively moving downwards. For instance, in today’s trading session, the global cryptocurrency market saw its market capitalization drop by more than 8 per cent. Major cryptocurrencies such as Bitcoin and Ethereum have also dropped by more than 8 per cent. Normally, when such a huge drop occurs in the cryptocurrency industry, altcoins such as Enjin end up being dragged down. Part of the reason for this phenomenon is that most altcoins are positively correlated to the general trend of the cryptocurrency industry. Therefore, when Bitcoin starts to drop drastically, other projects also start taking the same direction and force the cryptocurrency markets to go on a bearish trend.
Enjin Price Prediction
In today’s trading session, the Enjin price is down by 8 per cent. The trend is an extension of the past 6 consecutive trading sessions that have been aggressively bearish.
Looking at the chart, it is likely that the current bearish move will see the prices continue to move until it hits the lower trend line of the ascending channel. Based on the current momentum, there is also a high likelihood that the Enjin price will break out of the ascending channel to the downside. This will see prices hitting the $0.44 support level and possibly trading below it.
However, should the prices move above today’s opening price of $0.61 at any point, my bearish analysis will be invalidated. At that point, the upward move will likely be in the offing.