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ENJ price prediction: Altcoin prepares for 50% increase
Enjin Coin (ENJ) price has been trading in a range of $0.24 to $0.5 since November 2022. He confirmed the validity of this range by testing both the support and resistance of this range several times. In August 2023, the ENJ price fell below the range. Thus, it signaled that the long-term downtrend will continue. However, this turned out to be a false breakout (green ellipse) as the price consolidated below the support of the range and took it back during the week of October 23-29. Such divergences are considered bear traps and are often followed by strong upward moves.
Indeed, ENJ price has risen from the support of the range over the past 5 weeks (green arrows). The altcoin is currently forming a bullish candle. The weekly RSI rose from the 50 level. Also, it's sloping upwards to support the potential for more gains. If the price continues to rise, the key resistance to watch will be the $0.5 range resistance, which is 47.99% higher than the current price.
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