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Cryptoknowmics 2022-03-04 11:00:01

ENJ Technical Analysis: Should You Buy The $1 Fallout?

ENJ coin price action shows a trend reversal from the resistance trendline. Will the resurfacing sellers break below the $1 fallout? Key technical points: The ENJ coin price breaks below $1.5. The Stochastic RSI shows a bearish crossover The 24-hour trading volume in the Enjin token is $126 Million, indicating an 18% fall. Past Performance of ENJ ENJ price continues the lower high formation under the highly bearish resistance trendline that influences the ongoing downtrend. The recent reversal from the confluence of the resistance trendline and the $1.6 barrier shows a downtrend continuation with multiple bearish candles. Thus, the falling prices indicate a rise in bearish momentum. Source-Tradingview ENJ Technical Analysis ENJ prices may shortly surpass the previous bullish candle and undermine the buyers at $1.35. However, the descending support trendline creates a wedge pattern that can result in a bullish reversal. The EMAs are crucial for the daily trading project to be in bearish alignment with a negative slope. Hence, the resistance trendline breakout will face multiple barriers in the form of 50, 100, and 200-day EMAs. The Stochastic RSI indicator shows an end to the bull cycle as the K and D lines give a bearish crossover near the overbought boundary. Hence, a downward continuation will increase the chances of a $1 fallout. The slope of the RSI indicator shows a sharp decline off the centerline as it gets closer to th...

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ENJ Technical Analysis: Should You Buy The $1 Fallout?

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