Enjin Coin Price Prediction: Is It Recovery Time?

Summary:

The Enjin Coin price has failed to establish a trend following the recent contact with the lower trend line of the ascending channel.

The Enjin Coin price has failed to establish a trend following the recent contact with the lower trend line of the ascending channel. Instead, the prices have traded horizontally for the past seven days, and today’s trading session is looking like a continuation of the sideways market.

The current sideways market comes after the recent price drop, which started on August 14 when Enjin managed to hit price highs of $0.75. Following the price surge, Enjin price came crashing down, and by August 20th, it was down by 25 per cent. Today, the prices are trading at almost the same place it was trading a week ago, an indication of the current strong horizontal trend.

One of the factors that has impacted the current price action of the Enjin coin is the cryptocurrency industry, which is also currently struggling. Between August 14 and August 20th, the industry’s market capitalization was also going down at an aggressive rate.

Major cryptocurrencies such as Bitcoin and Ethereum were also in a strong downward move. Enjin Coin, which is positively correlated with the general cryptocurrency trend and other major cryptocurrencies, was also dragged down, resulting in its fall.

Enjin Coin Price Prediction

Today’s trading session is still in a sideways market. The prices are trading along the lower trend line of the ascending channel. Looking at the chart below, there is a high likelihood that the current sideways market will continue for the next few trading sessions.

However, when the trend is finally established, my Enjin price prediction expects the price to drop further and break out of the ascending channel to the downside. Part of the reason for this analysis is based on the current cryptocurrency industry, whereby we have seen the market cap of the industry continue to take a hit. However, my bearish analyses will be invalidated should the prices move past the $0.60 Price level.