As sentiment in the crypto market has improved drastically in the past few days, some coins have managed to ride this positive wave and are seeing outstanding growth. Enjin Coin (ENJ) is one of these coins, in fact, the metaverse related token is now outperforming the broader market, posting gains of nearly 40% over the last 7 days. But does this bullish uptrend have enough left to keep going? Well, check out these highlights.
At the time of writing, Enjin Coin (ENJ) was trading at $3.23, up about 6.5% in 24-hour intraday trading.
The coin is also trading above all crucial DMAs, including the 50, 100, and 200-day moving averages.
Improved sentiment in crypto is likely to help Enjin Coin (ENJ) maintain this uptrend in the near term.
Data source: Tradingview.com
Enjin Coin (ENJ) – Price action and analysis
Enjin Coin (ENJ) is currently showing a decent bullish alignment in all its technical indicators. For starters, the coin is trading well above its 50-, 100-, and 200-day moving averages. We had expected a bit of resistance around $3, but ENJ has managed to smash past that.
Right now, the next main hurdle will be $4. We are seeing a bit of consolidation around $3.22, but if ENJ was to break out in the coming days, a push towards $4 could see it reclaim its November highs in no time. But this will largely depend on sentiment across crypto in general.
Should you buy Enjin Coin (ENJ)
Enjin Coin (ENJ) is a decent investment; in fact, in 2021 the coin has delivered some decent growth for investors. The recent surge appears to be digging ENJ out of its December dip, so for long-term buyers, it’s a good time to buy. However, short-term traders can also ride the gains, especially if positive sentiment in crypto pushes into 2022.