Enjin Technical Analysis: ENJ/USD explodes higher by 36% on the day
The current bullish trend spikes higher after holding key pennant support at $0.15 cents
Key near term support levels seen at $0.2050 and $0.1750 cents
ENJ coin up a over 600% in March since the Samsung partnership announcement
In the past 24 hours, ENJ has turned over $140 million in volume with more than half of that coming from South Korean exchanges which is impressive with 767 million ENJ in circulation,taking the market cap towards $155 million overnight. This comes as no surprise as the Samsung effect continues to dominate trading in this coin.
After the initial announcement by Samsung on March the 8th of a partnership with Enjin, ENJ/USD soared as high as $0.20 cents from $0.10 cents on the day, before continuing to rally to a high of $0.25 cents before profit taking set in. ENJ then corrected down as much as 35% and found a strong support area at $0.15 cents until yesterday's rally broke through a pennant resistance line that had formed over the past week pushing prices higher towards $0.23 cents up some 36% on the session.
The shallow retracement after such a strong rally revealed that traders were not dumping ENJ but to the contrary that investors were ready to purchase the asset on any weakness in price.
Samsungs involvement (and 41 million customers) in the ENJ coin market has put Enjin in a fundamentally bullish position and we encourage investors to read our recent Research Insight, published on February the 14th, covering Fundamental Analysis which will help you apply some simple fundamental analysis to define the market price of a cryptocurrency and whether or not to invest your capital.
We have applied such analysis and have placed a Strong Buy recommendation on ENJ/USD at current market ($0.2050) with profit targets placed at $0.35 cents and $0.55 cents respectively with a stop loss on the position at $0.13 cents.
Daily Technical Analysis Summary: Strong Buy
Moving Averages: Strong Buy
Support 1: $0.2050
Support 2: $0.1750
Resistance 1: $0.2350
Resistance 2: $0.2500
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