Enjin Coin (ENJ) has broken out of a falling wedge pattern on the 8-hour timeframe chart. This breakout, noted by crypto analyst CryptoFaibik, suggests a promising upward trend for the token.
The descending wedge figure, a technical pattern that shows the buyer’s power is increasing, may be proof that the consolidation period is about to end soon. For this type of trend, the lowest highs and the lowest lows usually get closer and closer to a specific point when the price moves down. As ENJ breaks out of this pattern, significant upward momentum is expected.
Moreover, CryptoFaibik has emphasized the importance of this breakout. The analysis indicates that ENJ could experience a 50% increase in value over the coming days. The breakout from the falling wedge pattern is a strong signal that the token is poised for a potential rally.
On another perspective, CryptoFaibik has identified Arbitrum as a cryptocurrency to watch closely. According to CryptoFaibik, Arbitrum is nearing a critical Falling Wedge Breakout, a chart pattern often seen as a precursor to significant upward movement in price.
A Falling Wedge forming a breakout above the upper trendline usually indicates that a downtrend has topped out and that the market should change to a bullish character. According to the analysis, Arbitrum has demonstrated some key patterns. If it manages to break the pattern, it can make some impulsive moves with estimated gains of about 50%.
ARB has recently consolidated within the falling wedge, which is a formation with sloping parallel trend lines that meet at a point opposite the apex. It develops after the price trend has gone down, and the formation is optimistic because it shows that the sellers are less aggressive. If the price breaks above the upper trend, this usually gives strong signals for buying interest, which could lead to a significant jump in the price.
Looking at Enjin Coin’s price performance, ENJ is exchanging hands at $0.3095, up more than 3% in the past 24 hours. ENJ has reclaimed the $0.30 level following a month of a descending channel, which saw ENJ drop to the $0.27 mark.
In the same case, Arbitrum is trading on a bullish trend as ARB climbs above $1, recording an increase of 2.85%. Amid the bullish resurgence, ARB is down by 3% and 11% on the weekly and monthly charts.
