Sellers Chokes The Uptrend At Trendline



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 Source-Tradingview

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


Source link

You May Also Like