Recently, the altcoin Enjin Coin (ENJ) has seen a price drop of over 50%, which appears as an attractive buying opportunity for investors. This decline points to historical lows, while 7-day exchange flows indicate investors’ confidence in a recovery rally. So, what are the critical levels to watch for ENJ coin?
Altcoin ENJ Price Is at a Critical Stage
Altcoin ENJ price has fallen from its all-time high of $4.85 to as low as $0.20 during the bear season, marking a 95.80% drop. However, in the last six months, ENJ experienced a 151% increase between February 5 and March 4, reaching a local peak of $0.698. This movement can be considered a short-term breakout aimed at reversing a long-term downward trend.
However, due to worsening market conditions, the cryptocurrency ENJ price has significantly dropped, erasing the 151% gain. Currently, ENJ is trading above the decreasing trend line. Additionally, indicators suggest that the price is under bear control.
What Do Technical Indicators Say About ENJ?
For altcoin ENJ coin, the RSI indicates the potential for momentum to shift in favor of bears, while the AO shows an upward trend. However, general market conditions need to improve for more upward movement.
Cryptocurrency ENJ price has some levels to watch in a potential rise scenario. Overcoming the $0.386 support level will be crucial, followed by surpassing $0.486 and finally $0.698.
Turning the $0.698 level into support will be necessary for cryptocurrency ENJ to start a significant upward trend and surpass the $1 psychological level. This situation could provide approximately a 200% gain from current levels.
Exchange Outflows Stand Out
Last week, total outflows from exchanges were $1.68 million, while inflows were only $230,000. The sharp contrast between exchange inflows and outflows shows that more investors are moving their ENJ tokens from centralized platforms and are confident in the altcoin Enjin’s price recovery.
The next process will now be waiting for the cryptocurrency world’s ENJ coin to move towards the levels specified above.
