The ENJ price action shows a rising wedge pattern with the 100-day SMA opposing the bullish breakout. So should you expect a breakout? Key Technical Points: The Enjin (ENJ) price action teases a breakout rally of a rising wedge pattern in the daily chart. The bullish trend faces opposition from the 100-day SMA teasing a bearish reversal. With a market cap of $578 million, the intraday trading volume of Enjin has dropped by 115% to reach $168 million. Past Performance of ENJ The ongoing recovery rally in the ENJ/USDT pair has shaped into a rising wedge pattern. Under the influence of this pattern, the altcoin registers a 70% gain in the past six weeks. However, in theory, this pattern usually indicates an imminent downfall once the coin price breaches the bottom support trendline. Source – Tradingview ENJ Technical Analysis The daily candle shows a higher price rejection displaying a rise in ENJ supply inflow, teasing a bearish downfall. Hence, traders hoping for a bullish breakout must wait for price action confirmation as the selling pressure increases. The higher price rejection due to the bearish opposition from the 100-day SMA teases a downfall. The RSI slope displays a positive trend in the nearly overbought zone, maintaining above the 14-day average line. Moreover, the fast and slow lines maintain an uptrend in the MACD indicator with a spike in the bullish histogram. Hence the technical indicators oppose the higher pric...
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