Enjin Coin price analysis: ENJ spikes 35% after Coinbase listing
Enjin Coin price has retested its all-time high of $3.05 and could surge even higher ahead of trading on Coinbase Pro
The price of Ethereum-based token Enjin Coin (ENJ) has spiked more than 35% in the past 24 hours. After trading at lows of $2.27, ENJ prices soared to $2.99 on 7 April, with the daily close of $2.83 the highest ever for the token.
Bulls have pushed ENJ/USD even higher today and have retested the $3.05 all-time high, previously reached 15 March 2021. If they maintain the upside momentum, the token’s price could target $4.00.
Enjin Coin (ENJ) is seeing the uptick after top US crypto exchange Coinbase announced support for the ENJ token for its professional customers.
“Starting Today Wednesday, April 7, transfer 1INCH, ENJ, NKN, OGN into your Coinbase Pro account ahead of trading. Support for 1INCH, ENJ, NKN, OGN will be available in all Coinbase’s supported jurisdictions with the exception of 1INCH and ENJ in New York State. Trading will begin on or after 9AM Pacific Time (PT) Friday April 9, if liquidity conditions are met,” the cryptocurrency exchange announced via a blog post.
The technical picture for ENJ/USD shows bulls are battling sell-off pressure after the double-digit gains seen over the past 24 hours. The long tail on the current candle suggests massive profit-booking after prices pierced the resistance line of a contracting symmetrical triangle pattern.
Despite the downward pressure, bulls retain the upper hand as suggested by the RSI that continues to hover near 65. If buyers manage to keep prices above the $2.80 price level, there’s a chance of a new leg up.
A decisive break above the horizontal resistance line at $3.05 could result in a significant spike towards the 127.2% Fibonacci extension level at $3.35. Further gains could send ENJ/USD to the 161.8% Fib extension level ($3.73), with bulls likely to eye the $4.00 mark.
On the downside, ENJ could drop to the trend line support located near the 50% Fib level ($2.50). From here, bears can target the 20-day exponential moving average ($2.40). If a post-listing sell-off intensifies short term, ENJ/USD could decline to $2.04 and then the 50-day EMA at $1.89.
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