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Peter Oleshchuk
Mar 28, 2022
by Peter Oleshchuk

ENJ Technical Analysis: Market Reversal Has Begun

ENJ

Table of contents

  1. Technical Analysis Of ENJ On The Daily Timeframe
  2. The ENJBTC Price Is Near The Walls Of 0.000043
Last trading week on the ENJ market helped buyers believe in themselves and develop positive plans. The ENJ weekly candle from 21 December closed 25% above the opening price. The candle closed almost without a pin and buyers did not need a large amount of volumes. Buyers have not had such a great result since December 2021. The precondition for this was a failed attempt by sellers to take control of the $1.3 range. In history, we see that the local downward trend, which sellers began in November 2021, began to slow down to around $1.3. It was an unsuccessful attempt to break this mark and a weak update of the local low during the week of 21 February signaled the weakness of sellers in this range. The first problem of buyers on the way to the formation of medium-term growth trend is around $2.34.

ENJ

It is at this point that the price slowed down throughout December. And after the breakdown of this mark, the fall of the ENJ price accelerated. However, a rebound of the ENJ price from $2.34 will not mean the end of the buyers' initiative. We expect a local test of $1.6 and continued price growth to $3.86. At the moment, this is considered a pessimistic scenario. However, given the fact that the BTC price is one step closer to breaking the consolidation up, it is possible that the continued uncorrected growth of ENJ. For this scenario to become the main buyer, you do not need to allow any corrections after the $2.34 test.

Technical Analysis Of ENJ On The Daily Timeframe

TradingView Chart

A confident signal of readiness to change the trend in the ENJ market took place on 24 March. Before that, buyers were able to break the trend of sellers, breaking its upper line. Though this sample took place in small volumes and it was not clear whether buyers were weak or sellers. But, on 24 March, high volumes of buyers managed to break the local mark of $1.61. This mark stopped the initiative of buyers on 1 March and was a local base of sellers. On 25 March, sellers tried to regain control of this mark, but lack of strength paved the way for buyers to the next target of $2.34. The trend line of buyers at the time of writing limits on $1.6. While the ENJ price is above this mark, we expect continued growth and the implementation of a positive scenario.

The ENJBTC Price Is Near The Walls Of 0.000043

TradingView Chart

In order to confidently declare that the ENJ market has started a growth trend, the ENJBTC price must confidently break the range of 0.000043. If buyers manage to fix above this range, the probability of a new fall wave and updating local lows from 7 March will be reduced to zero. At the time of writing, the ENJBTC price is on track to achieve this target. In case of an unsuccessful attempt to break the range of 0.000043 upwards, it is important for buyers to keep the mark 0.000034. This will give them another chance to storm 0.000043 and continue to increase the ENJBTC price to 0.000065.

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ENJ Technical Analysis: Market Reversal Has Begun
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.