ENJ Technical Analysis: Second Retest Brings Back Bearishness

Key technical points:

Past Performance of ENJ

ENJ coin prices showcased a phenomenal bullish reversal rally from the $1.30 mark resulting in the long-coming resistance trendline breakout. Finally, the prices surpass the $1.50 mark to breach the psychological barrier of $2. However, the increased profit booking induced a higher supply inflow, resulting in the broken trendline retest.

Source-Tradingview

ENJ Technical Analysis 

ENJ coin price action shows the bullish failure to surpass the resistance confluence of the $2 mark and the 200-day EMA. The second retest of the broken trendline comes at the crucial level of $1.50.

The bearish trend of the 50, 100, and 200-day EMA signals a solid bearish influence on the Enjin price trend. Moreover, the recent fallout of the 50-day EMA increased the chances of a bearish trend continuation.

RSI Indicator: The RSI slope slips back under the halfway mark undermining the recent surge in underlying bullishness. Hence, the indicator reflects a bearish power regaining trend control.

MACD Indicator: The increased selling pressure intensifies the bearish histograms and avoids a couple of bullish crossovers. Hence, the downtrend in the MACD and signal lines continues and forecasts a fall in market price.

In a nutshell, the ENJ technical analysis highlights the possibility of price succumbing under the broken trendline.

Upcoming Trend 

ENJ coin price retests the $1.50 mark for the second time with a higher likelihood of price crossing below the broken resistance trendline. Hence, closing below the $1.45 mark can result in a fall to the $1.30 mark.

Support Levels: $1.30 and $1.45

Resistance Levels: $1.80 and $2