Various cryptocurrencies are trying to move up in quick succession. The Enjin Coin price may be worth keeping an eye on, as there is a lot of volatility building.
Enjin Coin Price Momentum
It would appear that most alternative markets may begin bouncing back fairly soon. The Enjin Coin price is, according to LivecoiNWatch, on the rise in a significant manner. That is a very interesting development, as it confirms today may be a turning point for most crypto assets on the market.
With nearly 30% of its market cap in trading volume, liquidity will not be much of an issue. The prominent trading pairs are ENJ/BTC and ENJ/USDT. Bithumb's ENJ/KRW pair is contributing some fiat volume, which is always crucial for any crypto asset.
ENJ/USDT Technical Indicators
Bollinger Bands: The Bollinger Bands for ENJ/USDT have begun narrowing significantly. That seems to confirm that a new accumulation phase may begin fairly soon. Despite noting pretty steep red candles in the past few days, the Enjin Coin price hasn't budged all that much just yet.
Moving Averages: The MA20 and MA50 keep moving up, which is always good to see. The MA200 seems to be angling up as well, although that is not something to pay too much attention to right now. For now, the moving averages indicate that the uptrend isn't over just yet.
RSI: After dropping to neutral territory, the ENJ/USDT RSI is moving up once again. Today's increase in positive momentum seems to warrant that change of pace. Re-entering overbought territory would be a confirmation of the bullish trend, albeit the current volatility may spoil this party.
Resistance Levels: It would appear that $0.1381 is the first real resistance level to contend with. The $0.14008 level may come into play as well in the very near future. A push to $0.15 seems rather unlikely at this time, but one never knows what a Bullish Bitcoin surge can bring to the table.
ENJ/BTC Technical Indicators
Bollinger Bands: Very similar momentum to ENJ/USDT in this department. Narrowing Bollinger Bands often indicate that both the liquidity and volatility could be drying up fast. Following some wild ENJ price swings as of late, a decrease in volatility wouldn't be bad.
Moving Averages: The MA20 and MA50 for ENJ/BTC keep angling up, which is what most traders hope to see. The recent bullish cross by the MA20 remains intact, which is very promising for the near future.
RSI: The ENJ/BTC RSI is trying to move from neutral to overbought territory once again. Succeeding in doing so will result in a higher price level, albeit there will be some points of resistance along the way.
Resistance Levels: The 1,420 Satoshi level will remain a point of contention for some time to come. If broken successfully, an eventual increase to 1,452 Satoshi is not out of the question by any means. Ultimately, the 1,614 Satoshi level would be a likely target, but that may take a while to reach.
