ENJ Technical Analysis: Filled Falling Wedge Taunts A Massive Movement

Key technical points:

Past Performance of ENJ

The ENJ coin price shows a downtrend in action as the highly influential bearish trendline keeps the bullish growth in check. Furthermore, the multiple rejections from the resistance trendline make it relatively more potent than the support trendline. Hence, increasing the possibility of a bearish breakout.

Source-Tradingview

ENJ Technical Analysis 

ENJ coin price action shows a bearish engulfing candle increasing the chances of a bearish downfall below the weekly support of $1.27. However, a selling opportunity will highlight at the $1.20 breakout. The breakout-driven trend may have the potential of a 20% decline.

Post-death cross the 50-day, EMA supplies a continuous diligent barricade to maintain the lower high formation. 

RSI Indicator: The RSI slope continues a diagonal uptrend below the central line due to the constant rejection at the 50% mark. However, the bullish divergence is quite evident in the last two supports at the descending trendline. 

Stochastic RSI Indicator: The K and D lines give a bearish crossover as the strings sabotage the premature bull cycle. However, the breakout will determine the upcoming move in the K and D lines. 

In short, ENJ technical analysis projects the possibility of a highly volatile breakout move that will define the upcoming trend.

Upcoming Trend

ENJ coin price shows an excellent breakout move impending the surge in trading volume. The ongoing trend has a solid bearish influence, but the pattern breakout will be the trendsetter. An upside breakout can showcase a 40% growth to reach the 200-day EMA. However, a bearish fallout will result in a 30% discount.

Support Levels: $1.20 and $1

Resistance Levels: $1.50 and $1.70