While bears initially controlled the Enjin Coin (ENJ) market and drove the price down to an intraday low of $0.4223, bulls eventually regained the upper hand. The positive intervention caused ENJ’s worth to spike to an intraday high of $0.446. This unexpected price rise may be ascribed to increasing purchasing pressure from investors who capitalized on the price drop.
At the time of writing, the persistent bullish pressure had driven the price up to $0.4395, a 3.43 % increase. This increase inspired traders to join the rally in the prospect of a lengthy bull run, driving market capitalization and 24-hour trading volume to rise by 2.94% and 93.09%, respectively, to $436,820,829 and $48,348,775.
The unexpected increase in market capitalization and trading volume may be ascribed to rising cryptocurrency demand as more investors become interested in the potential for long-term returns. It is unclear, however, whether the current positive trend will persist or if a pullback is on the horizon.
ENJ/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger bands are bulging on the ENJ 3-hour price chart, with the upper band at 0.44469210 and the lower band at 0.40788043. This motion indicates that the price of ENJ has been volatile and may be ready for a significant price movement soon.
As the price action swings toward the upper band, traders may take this as a tip to sell, but a move toward the lower band may represent a buying opportunity.
Moreover, the Aroon up reads 92.86%, and the Aroon down reads 7.14%, indicating that the bullish trend is still strong and likely to continue, but traders should keep an eye out for any possible reversal signs to avoid being caught in a quick fall.
The difference between both Aroons of 85.72% suggests a significant upward trend, which might allow traders to open long positions and ride the upward momentum.
A Bull Bear Power (BBP) value of 0.00813912 indicates that purchasing pressure is more significant than selling pressure, supporting the concept of a positive trend and the opportunity for long holdings. This move supports the Aroon indicator, which also reflects a strong uptrend and positive sentiment in the market.
ENJ/USD 3-hour price chart (source: TradingView)
Traders in the ENJ market would be wise to watch the price action carefully, as the bullish trend may be losing steam as the stochastic RSI moves below its signal line at 86.94.
This development raises doubts about whether buyers will continue to attempt to drive the price higher or if sellers will seize control and attempt to push the price down.
A rating of -8.0376 on the Know Sure Thing (KST) is positive but still in the negative area, indicating that bearish momentum may be building in the market. Its increasing momentum suggests that the bullish trend may still be in effect, yet traders should proceed with care since the negative signal suggests the market may be shifting towards a bearish trend.
The 0.17 value for the Chaikin Money Flow (CMF) indicates that buyers are still active in the market but that their momentum is not strong enough to establish a definitive bullish trend.
ENJ/USD 3-hour price chart (source: TradingView)
ENJ’s bullish trend remains strong but traders should watch for signs of reversal as volatility increases and momentum weakens.
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