Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-04-12 04:50:50

ENJ Technical Analysis: Second Retest Brings Back Bearishness

ENJ coin price experienced an increase in selling pressure near the 200-day EMA. Will the downtrend reach the $1.30 mark? Key technical points: The ENJ buyers lost the $1 support The 20-and-50-day EMA is nearing a negative crossover Finally, the 24-hour trading volume of Enjin is $167.5 Million, marking an 88.9% rise. 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 crossover...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.