Enjin (ENJ) Price Analysis
Enjin (ENJ) has seen an impressive 2023 so far, forming a bullish trading channel after a rally ignited in January. The steadfast bullish technical structure is solid and could set the stage for ENJ to reclaim past heights. With price action primed, Enjin is targeting upside potential to $0.70 (+35%) – a historic level last seen in August 2022.
The RSI is on the fence at 52, cooling off quickly from yesterday’s pump and suggesting there is strong momentum behind this rallying price action. The MACD provides slight reassurance showing minor bullish divergence. With nothing to indicate concern, it seems likely Enjin’s recovery rally is set to continue – providing fundamentals remain unchallenged.
Other Low Cap Altcoins Could 10x This Year
GameFi is anticipated to become a breakout crypto sector with an estimated future market cap of $38bn by 2008. Investors are looking for safer GameFi trades with better upside potential and less precarious price action such as Fight Out (FGHT). Positioning itself as a more advanced and better-developed STEPN, this new play-2-earn dApp aims to take ygaming industry by storm.
Risk: Reward Structure of 2.55
A strong support level has emerged from the three weeks of consolidation above $0.45 with an attractive Risk: Reward structure of 2.55 – characterized by limited downside risk – making Enjin bulls confident that the recovery rally will continue if fundamentals remain unchanged.
Enjin Coin has seen impressive growth so far in 2023 and looks set for further gains with its current bullish technical structure and Risk: Reward structure of 2.55 offering investors limited downside risk while taking advantage of potential reward opportunities upwards of 35%. Other low cap altcoins such as Fight Out (FGHT) could also offer investors potential returns this year given the growing interest in GameFi platforms like STEPN which have been gaining attention due to their play-to-earn narrative returning into focus once again within the crypto space