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Vikram
Sep 16, 2022
by Vikram

ENJ Technical Analysis: ENJ Buyers Enjoyed Too Soon!

ENJ Technical Analysis

Table of contents

  1. ENJ Technical Analysis
  2. Technical Indicators
The ENJ price trend drops back to the $0.48 support zone from the 50-day EMA, reflecting an increased bearish influence over the consolidation range.

The ENJ price action displays a falling trend from the 50-day EMA, leading to a drop to the 23.60% Fibonacci level at the $0.48 support zone. Furthermore, the recent bear cycle shows a lateral shift at the horizontal zone after the 8.95% drop on the 13th of September. So, will the buyers manage to propel the prices higher back with the consolidation range?

Key Points:

  • The Enjin prices struggle to sustain above the $0.48 zone.

  • The increased selling pressure warns of a fallout.

  • The intraday trading volume in Enjin is $41.05 million.

    • ENJ/USD Price Chart

    Source - TradingView

    ENJ Technical Analysis

    The ENJ price displays a bullish failure to exceed the $0.70 resistance zone leading to a 32% drop to the $0.48 support zone. However, the buyers successfully cushioned the downtrend into a consolidation range with the overhead resistance at $0.57.

    The price action displays an increase in trend momentum during the recent bear cycle teasing a downtrend below the crucial support of $0.48. Currently, the buyers contain the selling pressure with a lateral shift at $0.48 and attempt to reclaim the $0.50 fort.

    However, increasing selling pressure will drop the ENJ prices below the demand zone and unleash the trapped bearish momentum. As a result, the sideline traders can expect the fallout rally to reach the $0.37 support level, accounting for a 20% drop.

    However, a bullish reversal in Enjin prices from the $0.48 zone will start a bull cycle and prolong the range after crossing the $0.50 psychological mark.

    Technical Indicators

    The RSI slope showcases a lateral trend in the nearly oversold zone below the 14-day SMA. Moreover, the MACD and signal lines merge, teasing a bearish crossover and ready to start a bearish trend in the MACD histograms. As a result, the ENJ Technical Analysis forecasts a bearish breakdown.

    Resistance Levels - $0.50 and $0.57

    Support Levels - $0.48 and $0.37

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    ENJ Technical Analysis: ENJ Buyers Enjoyed Too Soon!
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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