Enjin Coin Price Prediction 2021 – Will ENJ Hit $5 Soon?

Enjin Coin Price Prediction 2021 - Will ENJ Hit $5 Soon?
  • Bullish ENJ price prediction ranges from $1.57 to $3.90.
  • The ENJ price might also reach $5.
  • ENJ bearish market price prediction for 2021 is $0.73.

In ENJ price prediction 2021, we use statistics, price patterns, ADX, and much other information about ENJ to analyze the future movement of the cryptocurrency. 

Enjin Coin (ENJ) is an Ethereum token designed to “make it simple for individuals, businesses, and brands to use non-fungible tokens (NFTs).” ENJ is a cryptocurrency that is used to directly back the value of NFTs issued within the Enjin ecosystem.

Enjin launched the Enjin Network, a gaming community platform with over 20 million users, in 2009. Following a successful $18.9 million ICO in 2017, Enjin began developing a suite of blockchain products that allow anyone to easily manage, explore, distribute, and integrate blockchain assets.

Current Market Status of Enjin Coin (ENJ)

According to Coingecko, the price of ENJ is $1.27 with a 24-hour trading volume of $288,932,571 at the time of writing. However, ENJ dropped to 4.81% in the last 24 hours.

Moreover, ENJ has a circulating supply of 834,331,121 ENJ. Currently, ENJ trades in cryptocurrency exchanges such as Binance, CoinTiger, OKEx, ZG.com and FTX. 

Enjin Coin (ENJ) Price Prediction 2021

Enjin (ENJ) holds the 73th position on CoinGecko right now. ENJ price prediction 2021 explained below with a daily time frame. 

ENJ/USDT Triangle Pattern (Source: Tradingview)

A symmetrical triangle is made up of a falling upper trendline and a rising lower trendline. As the price approaches the apex, it will undoubtedly violate the upper trendline, resulting in a breakout and uptrend on rising prices, or it will breach the lower trendline, resulting in a breakdown and downtrend on falling prices.

After drawing two converging trendlines on a chart, a triangle can be seen. The symmetrical triangle differs from the other triangle patterns in that it is a neutral pattern that does not lean in any direction. While the triangle itself is neutral, it still favours the existing trend’s direction, and traders look for breakouts in that direction.

Currently, ENJ is waving at $1.27. After this, ENJ may continue to fall or rise according to the breakout. With this pattern, ENJ will violate the upper trendline reaching $3.80 soon. If the trend reverses, then the price of ENJ may fall to $0.73.

Enjin Coin (ENJ) Support and Resistance Level

The below chart shows the support and resistance level of Enjin Coin (ENJ).

ENJ/USDT Support and Resistance Level (Source: Trading view)

From the above chart, it is observed that the following are the resistance and support level of ENJ.

  • Resistance Level 1 – $1.57
  • Resistance Level 2 – $2.12
  • Resistance Level 3 – $2.90
  • Resistance Level 4 – $ 3.90
  • Support Level 1 – $0.73
  • Support Level 2 – $0.45

The chart depicts the bearish performance of ENJ over the previous month. However, this trend will break out and reach resistance level at $2.80. On the contrary, if the trend reversed then ENJ might fall to $0.73 presenting a bearish signal.

Enjin Coin (ENJ) Average Directional Index (ADX)

Let us now look at ENJ’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

ENJ/USDT ADX (Source:TradingView)

The above chart represents the ADX of ENJ with the range at 15.89, so it indicates a weak trend.

Conclusion

The ENJ is one of the cryptos which is great for long-term investment. In addition, short-term ENJ price prediction will be bearish, until the breakout. But, it has a good chance of reaching $3.80 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the ENJ ecosystem, the performance of ENJ would rise reaching $3.80 very soon. But, it might also reach $5 if the investors believe that ENJ is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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