Enjin Coin Cryptocurrency Forecast
Volatile ride for Enjin Coin cryptocurrency price on Wednesday moving between $0.274 and $0.305
(Updated on May 01, 2024)
The Enjin Coin cryptocurrency price fell by -7.04% on the last day (Wednesday, 1st May 2024) from $0.301 to $0.280. It has now fallen 5 days in a row. During the last trading day the cryptocurrency fluctuated 11.20% from a day low at $0.274 to a day high of $0.305. The price has fallen in 8 of the last 10 days and is down by -20.98% for this period. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -16 million shares and in total, 4 million shares were bought and sold for approximately $1.10 million.
Given the current short-term trend, the cryptocurrency is expected to rise 3.27% during the next 3 months and, with a 90% probability hold a price between $0.289 and $0.730 at the end of this 3-month period.
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ENJUSD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Enjin Coin cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.319 and $0.389. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 11, 2024, and so far it has fallen -59.68%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this cryptocurrency may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Enjin Coin cryptocurrency
There is no support from accumulated volume below today's level and given the right condition the cryptocurrency may perform very badly in the next couple of days.
This cryptocurrency may move much during the day (volatility) and with periodic low trading volume this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.0307 between high and low, or 11.20%. For the last week the cryptocurrency has had daily average volatility of 11.73%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ENJUSD) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Enjin Coin to open at $0.286, and during the day (based on 14 day Average True Range), to move between $0.237 and $0.322, which gives a possible trading interval of +/-$0.0426 (+/-15.24%) up or down from last closing price. If Enjin Coin takes out the full calculated possible swing range there will be an estimated 30.48% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $0.315, some $0.0352 (12.58%) from the current price of $0.280, our system finds the risk reward not very attractive.
Is Enjin Coin cryptocurrency A Buy?
The Enjin Coin cryptocurrency holds several negative signals and despite the positive trend, we believe Enjin Coin will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this cryptocurrency. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.063 Sell Candidate Upgraded
Predicted Opening Price for Enjin Coin of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $0.286 ( 2.32%) | $0.280 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENJUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.317 | 13.30 % | |
| R2 | 0.305 | 9.10 % | ||
| R1 | 0.298 | 6.51 % | ||
| Current price: | 0.280 | |||
| Support | S1 | 0.275 | -1.87 % | |
| S2 | 0.267 | -4.46 % | ||
| S3 | 0.256 | -8.65 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.339 | 21.16 % | |
| R2 | 0.323 | 15.44 % | ||
| R1 | 0.315 | 12.58 % | ||
| Current price | 0.280 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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