Altcoin Enjin Coin is currently facing a crucial moment in its price action. The outcome of this period will be significant for ENJ's future and could bring new opportunities for investors. However, there is a possibility of a double-digit correction under certain conditions. So, which levels should investors keep an eye on for ENJ?
Crucial Levels for Altcoin ENJ Price
After experiencing a strong uptrend at the end of February, Altcoin ENJ saw a considerable surge in momentum. However, this led to a major price correction after hitting a peak of $0.687. Currently, Altcoin ENJ is trading around $0.496. The significant price pullback can be observed in the graph provided.
It is anticipated that Enjin Coin's price may decline below the $0.486 level in the coming days, potentially retreating to a lower point. This drop could help stabilize the RSI around the 50 level. Additionally, the area between $0.365 and $0.434 might become a key accumulation zone for ENJ.
Critical Level for Long-Term Uptrend
To maintain a bullish outlook over the long term, it is vital for Enjin Coin's price to hold above the $0.386 level. A breach of this support level could result in significant selling pressure and a substantial correction.
On the other hand, the slight downward trend of Bitcoin seems to be supporting the movement of ENJ towards its crucial support level. Any increase in Bitcoin's volatility could potentially trigger a bounce for Enjin Coin, pushing its price above the $0.486 support level.
If this scenario plays out, ENJ's price could see a surge of up to 42%, reaching the resistance level of $0.698. Surpassing this resistance level would be a positive development for Enjin and support its progress.
Investors should exercise caution as breaching the mentioned critical levels could have a profound impact on ENJ's future price movements. Another significant factor to consider is the movement of Bitcoin, which can influence altcoin prices. A downturn in BTC could particularly impact ENJ negatively.
This information was initially posted on Cointurk News: Key Levels to Watch for Enjin Coin’s Price Action
