Enjin Coin is one of the lucrative tokens amongst the top 100 of the global crypto market and has revised the way people commonly use blockchain technology. The Enjin platform is building blockchain games and apps along with a wallet to keep the digital assets safe. It also helps to trade the rare digital assets which otherwise do not have an ordinary marketplace.
Enjin Coin has been a gainer on the YTD chart with an immediate waive off from the daily highs in the last week of the previous month.
At the time of penning down this analysis, Enjin Coin price was trading at $0.204 after marking the higher high around $0.260 in the last week. With a gradual decline, ENJ token is down by approximately 21.5% in 8 days. After having drawn a higher high trend and two uptrends on the 24-hourly YTD chart against the US Dollar, Enjin Coin exhibits a bearish note, and it is close to testing immediate supports from 50-day MA at $0.201.
While the ENJ token holds support from 200-day daily MA at $0.152 but with a bearish candlewick, the token has tested weekly supports below $0.20 at $0.195 before the opening of the new trading month.
If the price trend of the ENJ/USD declines any further, it is likely to breach the lower Bollinger Band. The MACD chart is exhibiting a bearish divergence due to losing momentum. The RSI is holding no extremities and is currently lying at 46.99.