HomeCryptocurrency NewsENJIN TA: Metaverse Crypto Showing A Cup And Handle

ENJIN TA: Metaverse Crypto Showing A Cup And Handle

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ENJIN Coin (ENJ) is the currency for the blockchain-based game platform, Enjin Network.

Covered:

  • ENJ is Another Promising NFT Project
  • ENJ Charts
  • What to Anticipate Next

Enjin is Fully Embracing the Blockchain Gaming World

The Enjin team is committed to doing its own part in growing what is known as Multiverse, not Metaverse in video games. Multiverse video games allow their users to create, trade, mint in-game items across different games without any central governing body that can take away your hard-earned digital possessions.

Enjin is partnered with two of the biggest companies in the world like Samsung and Microsoft and big game developers like Ubisoft and Unity.

More and more people play video games than ever and that number is going to keep growing.

Even though its current price is at about 50% off from its all-time high in November of 2021, in 2021 alone it rose from 0.14 to 2.68, almost a 20x gain.

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ENJ: Monthlyblank

ENJ’s Monthly chart show a clear uptrend with all of its moving averages stacked and organized. It also shows that every dip to 21EMA (cyan) was bought up.

Momentum oscillator shows that fast (yellow) moentum is overlapping with slow (red) momentum in the bullish zone (upper half).

So the long-term momentum is in a good shape.


ENJ: Weekly

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The weekly chart shows a false breakout that took place in November. It reached almost $5 before getting sold off quickly, halving its price in just two weeks.

Its weekly trend is in a clean uptrend and it’s showing a “Cup and handle” pattern.

The momentum oscillator shows the fast (yellow) momentum is in the bullish zone (upper half) but just below slow (red) momentum. If fast momentum can cross over slow momentum, that indicates the most bullish momentum setup for this indicator.

Squeeze indicator shows a low-compression squeeze (black dots) with bullish and falling (blue) momentum.


ENJ: Daily
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The daily chart shows that ENJ is in a recovery mode from its downtrend in December.

The daily trend is choppy but it’s showing a positive sign of turning up with the fast momentum (yellow) just beginning to cross over slow momentum (red) and the midline (separates bullish & bearish zone for momentum).

However, it’d be probably better to wait for a day and see if the momentum is sustained.

Also, there is 50MA (salmon) above where it is trading. The good news is that 50MA has been tested twice recently and the more it tests a resistance, the more likely that it can get over it with momentum.

The squeeze indicator shows low-compression firing (black dots to green). This is indicating that the price range is in expansion.

This signal is just starting so this one also merits some patience before it’s fully on.


Key Technicals: 

  • Stop Loss: A close below 200MA weekly (purple)
  • Support: 200MA daily (purple)
  • Support Zone:2.3 – 2.59
  • Resistance 1: 50MA daily (salmon)
  • Resistance 2 + Point-of-Control (POC): 2.8
  • Resistance 3: 3.2
  • Resistance 4: 3.53
  • Target 1: 4.83 (November High)
  • Target 2: 5.6
  • Target 3: 6.55

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*Not Financial Advice

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