ENJ Technical Analysis: $1.50 Barrier Crushes Bullish Breakout

Key technical points:

Past Performance of ENJ

ENJ coin price breaks above the long-coming resistance trendline with the demand surge at the $1.30 mark. The trendline had pushed multiple bullish attempts and resulted in the lower high formation. The breakout creates a bottom and hints of a potential end to the more deficient low creation. The rally jumped 15% to the 50-day EMA, but the exhausted bulls failed to withstand the selling pressure. 

Source-Tradingview

ENJ Technical Analysis 

ENJ coin price shows an overnight 5% retracement from the psychological barrier at $1.50, resulting in a possible retest of the trendline breakout. However, the increased intensity questions the successful post-retest reversal possibility. 

The crucial EMAs (50, 100, and 200) have achieved bearish alignment with the recent 100 and 200-day EMA gaining bearish spread after the crossover. Moreover, 50-day EMA has provided a constant barrier to keep the bulls under control. Therefore, the 50-day EMA breakout is a must for trend reversal.

RSI Indicator: Despite the sudden surge in buying pressure observed last week, the RSI slope fails to sustain above the 50% mark. Nonetheless, the 14-day SMA maintains the uptrend started with the parabolic reversal.

MACD Indicator: The MACD and signal lines show a stagnancy in the uptrend as the sellers at the 50-day EMA influences bearishness. Moreover, the falling distribution of the MACD histograms indicates a fall in buying pressure over the weekend.

In a nutshell, the ENJ technical analysis maintains a neutral sentiment as the reversal possibility stands despite the formidable sellers at 50-day EMA.

Upcoming Trend 

ENJ coin price indicates a surge in selling activity which resulted in the 5% overnight fall and the bearish continuation seen today. However, a post-retest reversal possibility proposes a price jump of 30% to the $1.75 mark. 

If the prices fail to sustain above the broken trendline or the $1.30 mark, a downfall to the psychological support of $1 is possible.

Support Levels: $1.30 and $1

Resistance Levels: $1.50 and $1.75