Enjincoin Price Poised to Break $2 Soon
EnjinCoin price surges high with soaring price. It registers itself as one of the best-performing top 100 crypto coins in recent times. The prime reasons behind the massive surge is the launch of JumpNet. It is basically a scaling solution intending to eliminate the gas fees on the Ethereum network to support NFT’s from any blockchain.
The ENJ price spiked notably over the past couple of days, rallying massively by more than 200% since the beginning of this month. The price which traded around $0.4 rose to the higher levels to smash the ATH at $1.41. Moreover, the listing of the coin on the FTX exchange had boosted the price initially.
The market capitalization also spiked from less than $100 million to more than $1 billion in just 4 to 5 days registering nearly 1000x growth. With the same momentum, the ENJ price is expected to smash $2 levels after a slight pullback.
ENJ Price Analysis
The Enjin coin price recorded a pretty low monthly close below $0.5 in the previous month with the RSI levels below the range. However, the price rose remarkably since the beginning of the current month, RSI spiking from 23 to 70 in a day.
However, the rally included small pullbacks which were not strong to flip the bull run into a bearish divergence. Despite the pullback, the momentum appears to be bullish as the RSI trends within the upper levels in between 50 and 90. The trading volume rose by nearly 137.62% from less than $500 million to more than $2 billion.
At the time of writing, the Enjin Coin price is $1.34 with a massive jump of 46.01%. Currently, it is very important to surge and hold strongly above $1.5 levels for a continued rally towards $2.
Technical Specifications
- The resistance levels stand at the ATH at $1.41
- The support levels are formed initially at $1.09 and later at $0.5
- The indicators for Enjin Coin indicates at a ‘buy’ signal
