Enjin’s price gain has been impressive as it is currently positioned for another potential breakout. Crypto analyst known as World of Chart who is prominent for giving chart analysis on X pointed out some technical indicators using chart and how the market dynamics suggest a bullish trajectory for ENJ in the midterm.
Potential Breakout From the Descending Wedge
The analyst noted that the price action of the Enjin coin has formed a long-term descending wedge, characterized by a series of lower highs and lower lows. This pattern is often interpreted as a bullish reversal, indicating that a breakout could signal a shift in market sentiment.
This breakout has resulted in a notable price increase of 112.20%, supporting the bullish trend reversal. The implications of this breakout are significant, as it suggests that the ENJ price continues its upward trajectory.
Enjin Price Breakout Establishes Key Support Level
Also, he noted that Following the breakout, the previous resistance levels now serve as critical support. The shaded blue rectangle on the chart reflects a consolidation area, indicating accumulation before the breakout.
With the Support Levels ranging from $0.25 – $0.30 and Resistance Levels Previously highs around $1.00
Technical indicators, represented by a thick upward arrow on the chart, suggest that the ENJ price could aim for higher resistance levels, potentially reaching or exceeding the $1.00 mark shortly.
READ ALSO: What’s Next for Stellar (XLM) Price After a 20% Decline?
The breakout from the descending wedge is a clear indication of a potential trend reversal. If the upward momentum continues, the Enjin price can experience a bullish rally, with potential gains of 3–4x if the current breakout sustains.
