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Vikram
Mar 2, 2022
by Vikram

ENJ Technical Analysis: Sellers Chokes The Uptrend At Trendline

ENJ
ENJ coin price shows the uptrend struggling to surpass the resistance trendline and the $1.5 mark. Will the sellers drive prices lower to $1?

Key technical points:

  • The ENJ coin prices struggle to surpass $1.5

  • The MACD indicator gives a bullish indicator

  • The 24-hour trading volume in the Enjin token is $223 Million, indicating a 10% rise. 

    • Past Performance of ENJ

    ENJ coin price booms 15% after a short consolidation range with long-tail formations to reach the $1.5 mark. The recent reversal retests the bearish fallout of the $1.65 horizontal range. However, the rally struggles to rise above the confluence of $1.5 and the resistance trendline evident by the recent Doji candle. 

    TradingView Chart

    ENJ Technical Analysis 

    The ENJ coin price shows a potential morning star pattern as the bears step in after the recent Doji candle. Hence, a reversal to the $1.35 mark is possible in the upcoming couple of days.

    The crucial EMAs in the daily chart achieve a bearish alignment as the 100-day EMA crosses below the 200-day EMA. Moreover, the falling EMAs can provide dynamic resistance to further bullish attempts.

    The MACD indicator shows that the fast and slow lines give a bullish crossover in the negative territory as the bullish histograms spread over the zero line. Hence, the indicator showcases a potential bullish uprise.

    The RSI Indicator slope jumps after a consolidation phase to surpass the 14-day average but creates a rounded top near the 50% line. Hence, a reversal within the nearly oversold region is possible. 

    In a nutshell, the ENJ technical analysis takes a bearish stand, but the growing greed among investors can nullify the thesis.

    Upcoming Trend

    The ENJ coin price action teases a potential reversal to the $1.35 mark before potentially taking down the resistance trendline in the upcoming rally. However, if the sellers sustain an upper hand, the downtrend can reach the $1 mark.

    Support Levels: $1.35 and $1

    Resistance Levels: $1.65 and $2

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    ENJ Technical Analysis: Sellers Chokes The Uptrend At Trendline
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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