- Enjin Coin explodes massively after breaking above a descending parallel channel’s upper boundary.
- Enjin Coin may sustain the uptrend to $0.3 if it closes the day above January 2019’s resistance at $0.25.
Enjin Coin price skyrocketed massively on Friday to trade at $0.25 during the European session. The token’s market cap has gone up by 55% to $205 million, while its volume stands at $125 million, following a 524% upswing.
Enjin Coin recovery remains unstoppable
This cryptocurrency token has ignored the bearish wave across the market, brought about by Bitcoin’s rejection at $40,000. The breakout follows a spike above the descending parallel channel. Moreover, the bullish outlook was boosted after Enjin Coin reclaimed the support above the 50 Simple Moving Average, the 100 SMA, and the 200 SMA.
For now, the least resistance path is upwards, while all eyes are glued on stepping above $0.3, especially now that the crucial January 2019 resistance is in the rearview. Closing the day above this resistance would help sustain the uptrend.
ENJ/USD 12-hour chart
It is worth keeping in mind that reversals are common in such a drastically bullish market. Therefore, it is essential to tread carefully. Note that if Enjin Coin makes a daily close under the 2019 resistance at $0.25, a retreat is most likely to come into the picture with the potential to erase most of the gains accrued on Friday, perhaps retest the channel’s upper boundary.