ENJ Technical Analysis: Breakout Rally Struggles To Take Off From $0.55
Table of contents
Key technical points:
Past Performance of ENJ
ENJ price action shows the bearish downfall of the $0.60 reaching the bottom support at $0.38 during the last supply dump in early June. However, the month-end shows a bullish turnaround as the price action shows a rounding bottom breakout. Moreover, the spike in trading volume on June 27th supports the idea of uptrend continuation.
Source- Tradingview
ENJ Technical Analysis
The price action shows a successful post-retest reversal from the $0.50 mark resulting in a morning star pattern. However, the ENJ price remains stuck under $0.60 and the higher price rejections warn of a bearish setback. The DMI indicator displays the DI lines trying to sustain a positive alignment after the recent crossover. It is evident by the lines turning sideways turn resulting in a dramatic decline in the bullish spread.
The RSI indicator indicates an improvement in the bullish sentiment as the slope restarts the positive trend after retesting the halfway line. Moreover, the rising trend in the 14-day SMA reflects a rise in the underlying bullishness. The MACD indicator displays a rising trend in the fast and slow lines, continuing to move approach the positive territory. In addition, the rising trend of the MACD histograms indicates a growing trend in buying pressure. Hence, the technical indicators reflect a rising demand for the ENJ token and hint at a price jump to $0.77.
Upcoming Trend
If the buying pressure launches the ENJ prices above $0.77, the uptrend will attempt to reclaim the psychological mark of $1.
Resistance Levels: $0.77 and $1
Support Levels: $0.57 and $0.38