Enjin (ENJ) continues its rally nearly three months after crash

Written by: Ali Raza
May 26, 2020
  • Enjin (ENJ) saw a massive price surge in the last 24 hours, allowing it to reach levels.
  • The coin saw a relatively steady rise ever since mid-March price crash, and is currently at its yearly high.
  • If this resistance falls, ENJ will be halfway towards its ATH — $0.47 — which it last saw during the closing.

Enjin (ENJ) has been one of the projects that attracted a lot of attention recently, purely due to its excellent performance after the mid-March industry-wide price crash. The project has been around since 2009, although it only launched its coin in 2017.

Back then, its ICO raised nearly $19 million, and ever since then, it was focused on building numerous user-centric blockchain products.

Enjin shows promising performance in 2020

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Enjin’s YTD chart shows a sharp rise earlier this year, beginning in late January, which led it to $0.15 in the early days of February. After that, the coin saw a minor correction, as the $0.15 resistance rejected its price.

The price attempted to breach this level several times between February 5th and 19th, the project just started another recovery when March 12th arrived. This was when the COVID-19 fears kicked in, causing a crash of the entire crypto industry.

Prior to the crash, ENJ found itself just above its strongest support, at $0.10. However, the price crash forced it to break this support and sink down to $0.045, which is where the coin found its bottom.

Ever since then, ENJ started growing, and this steady growth continued to this day.

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Enjin post-March crash: A strong recovery commences

ENJ saw a lot of progress in March, especially on March 18th/19th. This is when a sharp rally took place, taking the coin back to $0.10, which turned into a powerful resistance.

After several attempts to break this level, ENJ finally did it on April 18th, forcing its way above this level and once again making it a support. However, it didn’t stop there, but it continued with its major rally all the way up to its next great resistance, at $0.15. This is where it peaked prior to the crash, but back then, it was unable to breach it.

While this level caused issues for it once again, this time, ENJ had enough strength to breach it permanently. It took a few weeks, but the coin finally managed to do so on May 12th, exactly two months after the price crash.

ENJ continued climbing up, over the past two weeks, although not without difficulties. There were several smaller levels that gave it trouble, but eventually, it reached $0.17. This was yesterday, when the coin started seeing another powerful rally that took it all the way up to its next resistance at $0.20, which is where it sits right now.

The new rally allowed it to surge by over 15% at the time of writing, and it remains unknown whether ENJ will be able to breach it. Whether it does or not, it is currently seeing its yearly high — as well as the height it did not see since April 2019. If it manages to breach $0.2 level and turn it into a support, Enjin (ENJ) will be around halfway towards reaching its ATH, last seen on January 7th, 2018.