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Monday, November 29, 2021

Enjin Coin [ENJ] Price Prediction: Aims for a 30% breakout


Enjin Coin price has been trading inside an uptrend for the past weeks, but still needs to climb above a key resistance level on the 4-hour chart.

Fortunately, many on-chain metrics have turned in favor of the digital asset. On the 4-hour chart, Enjin Coin has formed an ascending triangle pattern that can be drawn by connecting the several highs with a horizontal trend line and the higher lows with an ascending line that converges with the upper one.

The key resistance level is set at $2.8. A breakout above this point can drive Enjin Coin price up by 34%, a price target calculated by measuring the height from the bottom to the upper boundary of the pattern.

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In addition to the pattern, the percentage of ENJ coins inside exchanges has sharply plummeted since April 8 from 42.3% to to only 39% currently. This indicates that investors have been withdrawing their coins and do not intend to sell.

On top of that, the MVRV (30d) remains at the buy zone below 0% which indicates bulls have a lot of space to work with even after the potential 34% breakout. However, a breakdown of the ascending triangle pattern on the 4-hour chart also has the potential to drive Enjin Coin price down by 34% toward $1.74, invalidating the entire the bullish outlook..

Read More: Enjn To Go To $5

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