ENJ Technical Analysis: Morning Star Outshines Death Cross
Key technical points:
Past Performance of ENJ
ENJ coin price trades at $1.99 with a price jump of 8.84% in the last 24 hours as the buying pressure increases with the 45% jump in trading volume. The price action form a morning star pattern to retest the bullish breakout of the resistance trendline. Moreover, the bullish rally may shortly surpass the $2 mark.
Source-Tradingview
ENJ Technical Analysis
The ENJ coin price shows a post-retest bullish reversal that challenges the $2 mark as the trend momentum increases. Hence, traders can find a lucrative buying spot above the psychological mark of $2.
The RSI Indicator shows the slope enters the nearly overbought zone rising above the 50% mark and the 14-day SMA. Therefore, the indicator reflects a drastic rise in the underlying bullishness.
The Stochastic RSI indicator projects a bullish reversal in the K and D lines as they give a positive crossover. Hence, the indicator reflects a high likelihood of a bullish breakout above the $2 mark.
The 50 and 200-day EMA recently gave a death cross in the ENJ/USD chart due to January’s correction phase. Therefore, the recent reversal might make it difficult to rise above the 50-day EMA.
In conclusion, the breakout of $2 seems imminent as the bullish momentum shows drastic growth evident by the technical indicators.
Upcoming Trend
The ENJ coin price may shortly breach the $2 mark, which will mark a crucial psychological achievement for the bulls. Therefore, traders can find entry opportunities with the breakout of the psychological mark.
Support Levels:$1.70 and $1.50
Resistance Levels: $2.10 and $2.50