ENJ Technical Analysis: Bulls Toil To Keep Prices Above $1.5

Key technical points:

Past Performance of ENJ

ENJ coin price action shows a bullish recovery of 46%  within three weeks ranging from $1.28 to $1.85. The rally surpasses the 50 and 100-day EMA in the daily chart but fails to exceed the 200-day EMA. The sellers at the crucial EMA overtake trend control resulting in a downfall below all the EMAs and reaching the $1.5 mark. 

Source-Tradingview

ENJ Technical Analysis 

ENJ coin price action shows a bullish fightback near the $1.5 mark resulting in a 6.77% engulfing candlestick. However, the daily candle shows a higher price rejection reflecting the increased chances of the $1.5 breakout.

The EMAs maintain a bearish alignment as the price fail to surpass the crucial EMAs and falls under them. Hence, the essential daily EMAs regain their resistance status.

RSI Indicator: The RSI slope showcased sustenance above the halfway mark with the support of the 14-day average. However, the sudden bearish spike cuts into the nearly oversold zone and reflects a boom in selling pressure.

MACD Indicator: The MACD and signal lines give a bearish crossover and start a negative trend to approach the zero line. Moreover, the fresh start on negative MACD histograms reflects the solid underlying bearishness.

In a nutshell, the ENJ technical analysis shows a surge in selling pressure, but the bullish fightback brings a strong reversal possibility.

Upcoming Trend 

ENJ coin price crossing below the $2.45 mark, generating a selling signal if the bears step in at the broken trendline retest. Hence, closing below $2.31 in the 4-hour timeframe can be a bearish entry spot.

Support Levels: $2.20 and $2

Resistance Levels: $2.45 and $2.60