Altcoin Enjin Coin’s price is currently at a pivotal point. This critical period could determine ENJ’s fate and present new opportunities to investors. However, a double-digit correction could be inevitable if certain scenarios occur. So, what levels should investors watch for ENJ?
Pay Attention to These Levels for Altcoin ENJ Price!
After starting a significant uptrend at the end of February, Altcoin ENJ gained substantial momentum. However, this momentum led to a major correction after reaching a peak of $0.687. Altcoin ENJ is currently trading at around $0.496. The significant pullback in price is clearly visible in the graph below.
In the coming days, it seems likely that the Enjin Coin price may drop below the $0.486 level and retreat to a lower point. This decline could stabilize the RSI around the 50 level. Simultaneously, the area between $0.365 and $0.434 could emerge as a potential accumulation point for ENJ.
Which Level is Crucial for Long-Term Uptrend?
However, for the long-term bullish outlook to remain intact, it is crucial for the Enjin Coin price to stay above the $0.386 level. Breaking this support level could lead to significant selling pressure and a major correction.
On the other hand, Bitcoin‘s slight downward trend seems to be supporting ENJ’s journey towards its key support level. Yet, an increase in Bitcoin’s volatility could trigger a rebound for Enjin Coin, potentially pushing the altcoin ENJ price above the $0.486 support level.
In this scenario, ENJ’s price could surge by up to 42%, reaching the resistance level of $0.698. Successfully surpassing this resistance level would paint a positive picture for Enjin and aid its progress.
However, investors need to be cautious. Any break at the indicated critical levels could deeply impact ENJ’s future price movements. Another critical situation for ENJ will be related to the movement of BTC, the flagship of cryptocurrencies. Any decline in the cryptocurrency BTC could negatively affect altcoin prices, and ENJ could be particularly adversely affected.
