Enjin Coin price analysis: ENJ spikes 35% after Coinbase listing

The cost of Ethereum-based token Enjin Coin (ENJ) has actually increased more than 35% in the past 24 hours. After trading at lows of $2.27, ENJ rates soared to $2.99 on 7 April, with the daily close of $2.83 the highest ever before for the token.

Enjin Coin rate has retested its all-time high of $3.05 and also might rise even greater ahead of trading on Coinbase Pro

Bulls have pressed ENJ/USD even higher today and also have retested the $3.05 all-time high, formerly reached 15 March 2021. The token’s price could target $4.00 if they maintain the upside momentum.

Enjin Coin (ENJ) is seeing the uptick after top United States crypto exchange Coinbase introduced assistance for the ENJ token for its specialist consumers.

” Starting Today Wednesday, April 7, transfer 1INCH, ENJ, NKN, OGN right into your Coinbase Pro account ahead of trading. Assistance for 1INCH, ENJ, NKN, OGN will certainly be readily available in all Coinbase’s sustained territories with the exception of 1INCH and ENJ in New York State. Trading will certainly start on or after 9AM Pacific Time (PT) Friday April 9, if liquidity conditions are satisfied,” the cryptocurrency exchange revealed through a blog post.

Enjin Coin rate outlook

The technical image for ENJ/USD reveals bulls are fighting sell-off pressure after the double-digit gains seen over the past 24 hours. The lengthy tail on the current candle recommends substantial profit-booking after prices punctured the resistance line of a having symmetrical triangle pattern.

Despite the descending pressure, bulls retain the advantage as recommended by the RSI that remains to float near 65. There’s a possibility of a new leg up if buyers handle to keep prices over the $2.80 price level.

A crucial break over the horizontal resistance line at $3.05 could result in a considerable spike towards the 127.2% Fibonacci extension level at $3.35. Further gains might send out ENJ/USD to the 161.8% Fib expansion level ($ 3.73), with bulls most likely to eye the $4.00 mark.

ENJ/USD day-to-day graph

On the drawback, ENJ can drop to the trend line assistance situated near the 50% Fib level ($2.50). From here, bears can target the 20-day rapid relocating average ($2.40). ENJ/USD could decline to $2.04 and also after that the 50-day EMA at $1.89 if a post-listing sell-off escalates brief term.

” Starting Today Wednesday, April 7, transfer 1INCH, ENJ, NKN, OGN right into your Coinbase Pro account ahead of trading. Support for 1INCH, ENJ, NKN, OGN will certainly be offered in all Coinbase’s supported territories with the exemption of 1INCH and also ENJ in New York State. On the drawback, ENJ can go down to the fad line assistance located near the 50% Fib degree ($2.50). If a post-listing sell-off intensifies brief term, ENJ/USD might decrease to $2.04 and also after that the 50-day EMA at $1.89.

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