ENJ Technical Analysis: Intense Selling Warns $1 Fallout

Key technical points:

Past Performance of ENJ

ENJ prices break above the long-coming resistance trendline on 26th March, resulting in a 15% jump to the 200-day EMA close to $2. However, due to the high selling pressure near the psychological mark, a reversal undermined the breakout rally. The reversal rally reaches the $1 mark and breaks below the 50-day EMA.

Source-Tradingview

ENJ Technical Analysis 

ENJ prices create a falling wedge pattern accounting for a downfall of 30% in the last three weeks. Moreover, the recent fall tests the descending support trendline, warning of a potential fallout if the selling pressure increases. 

The crucial daily EMAs maintain a bearish alignment to project a solid downtrend in action and warns of a downtrend continuation. 

MACD Indicator: The MACD and slow lines break into the negative territory while maintaining a bearish alignment. Hence, the bearish trend increases the negative histograms intensity and signals a selling opportunity.

RSI Indicator:  The RSI values continue to fall under the 14-day SMA influence and approach the oversold boundary. Hence, the indicator shows a solid bearish trend in action. 

In a nutshell, the ENJ technical analysis shows a potential trend continuation to the $1 mark. 

Upcoming Trend 

The ENJ coin price struggles to halt the downtrend at the support trendline as it lacks the long-tail formation to reflect a bullish fightback. Hence, a downfall below the support trendline will result in a 20% deflation if the $1.15 level collapses.

Resistance Levels: $1.45 and $1.55

Support Levels: $1.15 and $1