ENJ Technical Analysis: Triangle Fallout Relays a Selling Race
The Enjin blockchain ecosystem is designed to provide software that allows anyone to build, trade, monetize and trade using blockchain.
Enjin has its roots in the gaming industry with the first product of the company a gaming community platform dubbed the Enjin Network that grew into 20 million customers in the span of 10 years.
Let us move ahead to read about Enjin's technical analysis.
Past Performance of ENJ
ENJ coin price shows a fall of more than 30% in the last 72 hours, resulting in the fallout below the horizontal support level at $2. The fallout leads to the breakout of the descending triangle pattern mentioned in our previous article. Moreover, the 20% fall in the last 24 hours with a 40% jump in trading volume indicates a boom in selling pressure.
ENJ Technical Analysis
The fallout below the horizontal support at $2, the ENJ coin price approaches the $1.5 level. However, the increasing selling pressure teases a fallout shortly that will generate a selling opportunity.
The falling Crucial Exponential Moving Averages in the daily chart give a bearish crossover between the 50 and 100-day Averages. Furthermore, the coin price breaks below the 200-day EMA.
The Momentum indicator shows the slope failing to sustain above the zero line mark in the daily chart. Currently, heading lower into the negative zone, the slope reflects the rise in underlying bearishness.
The Ultimate Oscillator indicator at 25 shows the slope entering the oversold zone with a sudden fall in the daily chart. Hence, the indicator gives a strong sell signal for the ENJ coin.
In conclusion, the technical indicator showcases a rise in selling pressure and hints at the fallout of $1.5.
Upcoming Trend
The sudden increase in the selling pressure in the ENJ coin price increases the trend momentum. Therefore, the traders can shortly find selling opportunities at the breakout of $1.5.
The price action shows the support levels at $1.20 and $1.00. On the opposite end, the coin price may find resistance at $1.80 and $2.
At the time of writing, Technical Analysis by TradingView gives a "STRONG SELL" signal for the ENJ coin.