Crypto nugget: Engine (ENJ), witnessing a loss of interest in gaming?

In this new Wednesday’s cryptocurrency, let’s take a look at ENJ, the symbol of Enjin, a decentralized platform with a focus on gaming. The goal of the ecosystem is to bring together the creation, distribution and storage of digital assets. This operation is mainly used for video games, but the platform can also be used to set up a reward system for business customers. For example, Microsoft, Samsung or BMW are on the way. Although the challenges for the team are ambitious, is the ENJ asset doing well in the markets? Let’s go to TradingView to try to see a little more clearly.

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An imminent return to the interval 2019-2020?

Price in ENJ against Dollars on a weekly scale (1W)

After an all time high (ATH) of $ 4.84, ENJ, like the rest of the market, entered a sharp downward trend. You can easily see it with LH formation (Lower High) and LL (Lower Low) in succession. To have a downward trend, it is important to have falling troughs and peaks. In addition, ENJ broke one of its downside supports by closing below the $ 1.15 level. As a result, there was an acceleration in the downward trend.

But what can we expect from ENJ on a weekly basis? The most optimistic scenario would be a re-entry of support with a closing above $ 1.15. Thus, we may have an attempt to turn around with a purchasing power. However, this is not the preferred scenario in the current state of the course. As we are in a downward trend, we must assume that we will see the continuity of falling peaks and lows.

In this context, what would be the next price targets?

  • A return to the $ 0.34 / $ 0.40 zone, a technical zone to keep in mind. ENJ could probably respond to this level with a new low.
  • As part of a continuation of the trend, a return to the top of the 2019-2020 range of $ 0.21.
  • In case of reintegration of the range in the coming months, a return to $ 0.11.

Let us now move on to the daily to understand ENJ’s latest movements as well as possible.

ENJ in compression, watch out for volatility!

Daily rate for ENJ against dollar
Price in ENJ against dollars on a daily scale (1D)

Here we are on a smaller unit of time, which allows us to better understand the decline that has taken place in recent weeks. You can see that the loss of support was followed by one pull back (retracement at the relevant technical level) with a Lower High, which confirmed the bearish breakout and the continuity of the trend. As of now, the price is in a very narrow range between $ 0.77 and $ 0.62 with, within it, rising lows and falling peaks. Sooner or later, a strong enough breakout will take place to give the price a new trend.

The market environment leaves us in uncertainty, especially as a statement on this FOMC (Federal Open Market Committee) meeting may surprise investors and cause the market to overreact. In case of loss of $ 0.62, ENJ will start a new downward trend. As part of this, it will most likely revisit the low of the liquidation wall or even the first weekly zone of $ 0.34 / $ 0.40.

On the other hand, a break of $ 0.77 will cause the ENJ to start a bullish momentum in the very short term. We thus have two goals to keep in mind that ENJ is likely to return to:

  • Fair Value Gap, to be filled up to $ 0.934
  • A return to the supply zone, where the price could come to a wick, at least at $ 1.06

Here we are at the end of the analysis of the ENJ token. Right now we are in a moment of uncertainty where the market can explode upwards but also downwards. It will therefore be necessary to follow the exit from the current range to look a little clearer on the market with a new trend. Whether it’s bullish in the short term or bearish as part of a continuation of the past few weeks, be prepared for turbulence this week.

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