Cryptocurrency enthusiasts are divided on the ENJ Coin, a token of the Enjin network, and its price – some believing that the token will take a rebound while others are less confident.

The current value of ENJ is $0.34 with a market cap of $342.16M. Analyzing its technical indicators, the majority of them sway towards a bearish sentiment. Even though the oscillators suggest a possible surge in its price, the Total Social Engagement level signifying the number of buyers present in the market has declined to 41%, indicating the presence of strong sellers.

The RSI's line has taken a reversal from its 14 SMA, hinting at a possible recovery in its price. The Stochastic RSI is also trading in the oversold zone where the %K line has crossed the %D line; an increase in its value is expected if the token manages to reverse its trend.

For a successful climb from its present state, ENJ coin needs buyers to support its price. According to its price action, investors should keep an eye on its current support level of $0.3000 and resistance level of $0.4000 around the 100 and 200 EMAs respectively.

However, the visibility of strong sellers in the market makes it difficult to make the climb, and despite the oscillators favoring a bullish rebound, analysts and investors remain cautious in their forecasts. To protect themselves from any financial loss, investors must also consider doing their own research and only invest what they can afford to risk.



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