Enjin Coin (ENJ) saw an impressive rise in late November to all-time highs of $4.99 following a metaverse-themed rally across the cryptocurrency markets. Although Enjin’s price action seems to have slowed down, 2022 presents a golden opportunity for ENJ with experts predicting the NFT sector to gain ground in the coming year. In the latest announcement, Enjin coin’s Efinity has won Polkadot’s sixth parachain auction. Efinity joins other winning projects such Acala, Moonbeam, Astar, Parallel finance. To win its slot, Efinity garnered over 7.7 million DOT tokens contributed by over 20,000 community members. Efinity will be onboarded at block #9,388,800 (roughly March 11, 2022) at the beginning of lease 7 with the other winners from auctions 6-11. Efinity is an NFT superhighway, an infrastructure for the decentralized metaverse built on Polkadot.
Key Levels
Resistance Levels: $5.00, $4.03, $3.03
Support Levels: $2.52, $1.90, $1.50
ENJ/USD Daily ChartENJ/USD recovers mildly in the session as selling lost some momentum. At the time of writing, the Enjin Coin was exchanging hands at $2.64, up 2.27% on the day. Despite this week’s pullback to lows of $2.52, major support levels remain intact at $2.52, $2.16, and the MA 200 at $1.97.
On the upside, the ENJ/USD pair could meet selling pressure near the moving average 50 at $3.03 and then $3.34. A break from here could lead up to the $3.63 level and the $4 range. The RSI near the 50 neutral levels is supportive of consolidation or sideways trading in the meantime.
ENJ/USD 4-Hour ChartOn the 4-hour chart, a bearish MA cross and a break below the $2.82 level near the MA 200 could indicate weakness in the latest rebound. The 4-hour RSI despite a rebound from the oversold is yet to reach the neutral level. $2.55 at the base of the initial breakout is important as support.
A lack of bids could send the ENJ/USD to $2.16 with the reversal attempt at stake. In line with the present market conditions, ENJ’s price outlook is at least not entirely bearish. The price might, however, consolidate ahead of the next major move.
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