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- Enjin token reversed its retracement in August month along with higher-low price patter.
- On a weekly price scale, bulls got higher price rejection at 20-DMA.
- The market cap of Enjin token fell 7.6% in the last 24-hours at $517 Million.
The Enjin token (ENJ) price is extreme bearish on a higher time frame such as weekly and above. Since its all-time high of $4.84 Mark, investors lost over 88% gain in the last 10-months. Although, buyers attempt to recover their closing cost, as they gather ENJ coins in lower levels.
At the time of writing, Enjin token against the USDT pair is trading at $0.51 Mark along with 6% intraday drop. Amid sharp decline, ENJ token made lower-lows and lower-highs formation in the weekly time frame, as well as, bulls became witness of yearly bottom of $0.3824 Mark. However current price is trading close the recent low.
Buyers started accumulating ENJ crypto three weeks before, thus altcoin is up 6% at the time. However, ENJ prices are looking bearish this week because bulls got higher price rejection at 20-DMA in terms of weekly time frame. But still price action shows positivity for the asset as weekly price forms higher-lows.
Last night trading volume reached $72 Million, in fact, daily red volume bars continued remaining above the average selling line. Therefore, buyers failed to maintain asset prices above 20-DMA today, over the daily price chart. Moreover, the market cap of Enjin token fell 7.6% in the last 24-hours at $517 Million.
Money Flow Index (MFI) Provides Negative Indication
The Stoch RSI indicator displays more than average accumulation in Enjin tokens amid recovery. Now bears may drag down asset prices lower on the behalf of bearish tokens. Similarly, the Money Flow Index (MFI) indicator started making higher-lows (bearish).
Conclusion
The Enjin token (ENJ) turned bearish as bears breakdown the asset price below the 20-day moving average. Furthermore, Stoch RSI and MFI indicator shows negativity for ENJ crypto. Now the yearly low may provide a pump in price ahead.
Support level – $0.40 and $0.20
Resistance level – $0.47 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
