Enjin Coin (ENJ) – Could underpin its positive tone with a break above the channel

Enjin Coin (ENJ) – Could underpin its positive tone with a break above the channel

Posted on Thursday, August 4 2022 at 8:40 pm GMT+0000

Enjin Coin (ENJ) bounced on Thursday, renewing its battle with the upper line of the 6-week-old upward sloping channel stretched from the June 18th bottom, which managed to curb so far four previous bullish attempts.

The positively intersected Ichimoku lines are endorsing persisting upside forces while the oscillators are showing that the positive impetus is growing. The CCI nudged past its 100 threshold while the TSI is climbing above its signal line in the positive region promoting further positive price action.

In the positive scenario, where the upper line of the channel finally fails to impede the extension of the one-and-a-half-month uptrend, the bulls will need to generate more traction to overcome the neighboring May 14th peak of 0.78. Should efforts prove successful, the price may then propel to the July 2021 bottom of 0.92. Further higher, the focus will turn to the April 30th inside swing low at 1.01.

Otherwise, if sellers start to push back forcing a decline beneath the Kijun-sen line of 0.59, prompt support could transpire from the area linking the lower surface of the cloud and the July 26th bottom around 0.52, encompassing the lower bar of the channel. Should the price recede beneath those barricades, the June 18th low of 0.38 will come under attack.

To summarize, Enjin Coin is sustaining a positive tone and a break beyond the channel would reinforce the bullish bias in the medium-term picture.