ENJIN is trading at $0.2908 The price is down 2.70% in the last 24H. The 24H trading volume saw a fall of 22.39%. The Total Market Cap is $290,788,384.
ENJIN has been declining constantly since February. The Asset witnessed a bullish rally at the start of the year where the market fetched a returns of 138%. ENJ began to slide down after getting rejected at the resistance $0.55. This downfall consumed 45% of the value in just 5 months.
Source: ENJ/USDT by TradingView:https://www.tradingview.com/x/PJ6ydZBB/
The Daily chart establishes a bearish outlook. Selling pressure intensified just after the Bulls lost a key support of $0.3294. The outcome was a steep dive of 29% straight to the next support level of $0.2343. Enjin has recovered 24% from the swing low while shooting the prices back to the resistance.
The price formed an inverted hammer pattern right at the resistance indicating the strong presence of the sellers who don’t want the prices to go further. Enjin broke a descending channel and the price is trying a retest to confirm the breakout. A bounce from here will add to the chances of further recovery of almost 62%
Source: ENJ/USDT by TradingView: https://www.tradingview.com/x/SRklG8bj/
The 4H chart is pointing at the rejection from the resistance. This rejection can flip the minor uptrend and the prices can start descending again. A fall from here will be at least 18%. The price is trading close to the 200, 9, and 15 EMA which means that the market can become sideways or the trend is about to change.
The Current market conditions represent high volatility which can be a great chance to make money but only for experienced traders and investors. The only hope for the Bulls is to retest the channel and break the resistance, which will confirm a change of trend. If not then the market must get ready for an extended bear market.
The RSI indicator is currently at 49.23 on the 4H. This indicates sideways conditions.
The MACD indicator has made a bearish crossover but the indicator is above 0. The prices may see some consolidation but it will stay bullish above 0.
The MACD is moving closer to the signal line which indicates a sideways momentum.
As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Support Levels: $0.2343 – Support 1
$0.1666 – Support 2
Current Price: $0.2903
Resistance Levels: $0.3294- Resistance 1
$0.4141- Resistance 2
ENJIN is trying to fight the bears to reclaim the bullish trend. The price is exposed to sell pressure as the overall trend remains bearish. The market is expected to consolidate before getting highly volatile. The breakout of the channel will be validated after the retest. If the Bulls fail to sustain here, expect a steep downfall where the prices will test lower levels. The upcoming volatility needs to be addressed with proper risk management skills and a strategic game plan.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.