Enjin Coin / Bitcoin Technical Analysis: Roaring To New Heights
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- Enjin Coin has a bullish trading bias against Bitcoin over the short-term
- The recent advance has seen the ENJ / BTC pair hitting a new all-time trading high
- Further upside expected while price trades above rising trendline support
Enjin Coin / Bitcoin Short-term price analysis
Enjin Coin has a bullish short-term trading bias against Bitcoin, with the ENJ / BTC pair recently hitting a new all-time trading high.
Price is currently trading well above its 200-period moving average on the four-hour time frame, with bullish momentum remaining in place while price trades above rising trendline support on the mentioned time frame.
Traders should note that if price fails to make a new higher high, a stronger downward technical correction may occur.
ENJ / BTC H4 Chart (Source: TradingView)
Pattern Watch
If bulls fail to move price above the March 9th trading high a potential double-top pattern could take shape.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish, although downside pressures are building.
MACD Indicator
The MACD indicator on the four-hour time frame has a slight bullish bias, although the MACD histogram is starting to trend lower
Fundamental Analysis
The ongoing ENJ rally started this month after the announcement of the partnership with Samsung, which will support the coin on its latest Samsung Galaxy S10. Moreover, yesterday, the coin was also chosen by the Binance team to participate in its AMA in the Binance Telegram vote, along with a few other projects. ENJ is not yet listed on Binance, however it currently leads the Binance voting competition.
Enjin Coin / Bitcoin Medium-term price analysis
Enjin Coin has a bullish medium-term outlook against Bitcoin, with the ENJ / BTC pair continuing last month’s strong breakout up move.
The daily time frame shows price trading above rising trendline support, with the March 16th swing-low key technical support below. If bears can breach the March 16th trading low, the ENJ / BTC pair’s former all-time trading high will become the strongest form of technical support.
Technical indicators on the daily time frame are starting to turn increasingly lower, which could signal that a deeper technical pullback is nearing.
ENJ / BTC Daily Chart (Source: TradingView)
Pattern Watch
Traders should monitor a potential bearish double-top pattern formation on the daily time frame.
Relative Strength Indicator
The RSI indicator on the daily time frame is starting to correct from extremely overbought territory.
MACD Indicator
The MACD indicator shows that downside pressure is building, with the indicator at risks of turning bearish on the daily time frame.
Fundamental Analysis
The coin has good potential to increase adoption and grow its ecosystem, through the valuable partnerships it has developed. However, it still remains a work in progress, and more time is needed to evaluate whether the project will be a success.
Conclusion
The ENJ / BTC pair has a bullish bias over both time horizons with price still trading at historically elevated levels, and crucially, above key trendline support.
Signs are starting to emerge that the recent up move is starting to appear overstretched, with technical indicators on the daily time frame highlighting bearish growing pressures.
Going forward, traders should closely monitor the ENJ / BTC pair’s ability to create new bullish higher highs.
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