- Enjin Coin hit a barrier at $2.85, but the MACD shows that buyers are still in control.
- The profit or loss ratio has reset significantly, suggesting the selling pressure is reducing.
- The few active addresses on the network negatively impact speculation, delaying recovery.
Enjin Coin recently broke out in tandem with other selected crypto assets such as Ripple and Stellar. The support established at $2 played an essential role by jumpstarting the upswing. ENJ overcame the resistance at the 200 Simple Moving Average (SMA), the 100 SMA and the 50 SMA on the four-hour chart before extending the up leg to $2.85.
At the time of writing, ENJ trades at $2.7 after holding onto support at the 50 SMA. The focus has now shifted to the immediate resistance at $2.85, which, if broken, would trigger massive buy orders toward the record high of $3.05.
Enjin Coin Relentless Push for New All-Time High
The Moving Average Convergence Divergence (MACD) indicator has just entered the positive territory. Moreover, the MACD line (blue) expands the gap above the signal line, implying that buyers have the mantle.
The Relative Strength Index (RSI) has resumed the uptrend after rejection at the overbought area. If the indicator strikes above 70, Enjin Coin's tailwind will spike, sending the price beyond $2.85.
ENJ/USD Four-Hour Chart
The market value realized value (MVRV), an on-chain metric by Santiment, reveals that selling pressure will likely reduce in the coming days. This follows the resetting of the MVRV ratio from a 30-day high of nearly 55% to the current -0.07%. In other words, the majority of ENJ holders are at a loss or have not broken even. Investors are unlikely to sell when they are at a loss; therefore, they tend to hold longer and even increase their positions.
Enjin Coin MVRV Chart
Looking at the Other Side of the Picture
According to Santiment, 24-hour active addresses on the Enjin Coin network have dropped appreciably from a 30-day high of nearly 5,640 to 2,514 at the time of writing. A low interaction on the network insinuates that speculation has also dwindled. In other words, very few investors bet Enjin Coin was hitting highs above $3.05.
Enjin Coin Active Addresses Chart
It is worth keeping in mind that failure to break above the resistance at $2.85 may increase overhead pressure. A correction may come into the picture whereby Enjin Coin could retest support at the 50 SMA and $2, respectively.