On the 4-hour chart, the ENJ crypto price has broken out of a prolonged downtrend and reclaimed the key $0.030 range.
Since then, the rally has accelerated and cleared the next resistance at $0.039.
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On the downside, a loss of $0.039 would be the first sign of exhaustion. That would likely trigger a pullback into $0.027, especially as the altcoin could be getting overbought.
Signs of Exhaustion Start to Appear
However, the ENJ crypto breakout is now losing fundamental support.
While prices continue to rise, network growth is declining. That creates a clear negative divergence, with fewer new users entering despite rising prices, suggesting the rally could soon pause.
At the same time, the 30-day MVRV has risen to 102%, meaning recent buyers are now in profit.
This combination shifts the outlook. If the Enjin Coin price fails to sustain above $0.039, a pullback toward $0.027 becomes increasingly likely as profitable holders start to distribute.
On the contrary, for continuation to remain valid, the price would need to hold current levels while network growth stabilizes or reverses higher.
ENJ Network Growth vs. 30-Day MVRV Ratio | Credit: Santiment
In short, momentum remains strong on the surface, but underlying conditions suggest a higher likelihood of consolidation or a correction.
ENJ Price Prediction: Warning Shows Up
Looking at the ENJ/USD pair on the daily chart, CCN observed that it has continued to breach key resistance.
First, the ENJ crypto price has broken the long-term descending trendline. This ends the multi-month downtrend structure.
Notably, the price has sliced through the 0.236 ($0.036) and 0.382 ($0.048) Fibonacci levels with little resistance. This suggests weak overhead supply.
However, Enjin Coin has now approached the 0.618 golden ratio near $0.067. This is a key technical zone, as it acts as a reaction point, and the chart already shows some hesitation near this level.
Meanwhile, the Relative Strength Index (RSI) has spiked to 93. This is deeply overbought.
Historically, such readings lead to short-term cooling or consolidation. Therefore, upside continuation may pause before the next leg.
At the same time, the Chaikin Money Flow (CMF) remains negative. This is important.
Despite the price surge, underlying capital inflows are still lagging. In other words, the rally may not yet be fully supported by strong accumulation.
Looking ahead, if ENJ’s price holds above $0.058 (0.5 Fib), the structure remains bullish. Then, a continuation toward $0.081 (0.786 Fib) becomes likely.
On the downside, if the price rejects from current levels, a pullback toward $0.048 is the most probable scenario.
Why a Pullback May Not Break the Trend
A potential pullback is not necessarily bearish. In fact, it may be needed.
Healthy trends often include periods of consolidation or retracement, allowing the market to reset before resuming its upward trajectory.
Without that reset, rallies can become unstable and prone to sharper reversals.
For ENJ, a controlled pullback could strengthen the structure rather than weaken it.
But the key lies in where it holds. After reaching a six-month high, ENJ now faces a critical test.
If the price can hold above recently reclaimed levels, the rally remains intact, and the market can begin building a higher base. That would open the door for continuation.
However, if the price slips back below those levels, the breakout begins to look less convincing.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
