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- Enjin Coin fell from its all-time high level after making a head and shoulder pattern in a 4-hours time frame.
- Volume is down by 21.75% drastically in a 24-hours trading session.
- ENJ/BTC pair is trading positive by 0.23% at 0.00005568 BTC.
Enjin price came in a selling pressure after hitting its all-time high level of $4.85 on 25 November, and sellers had come in their existence by which they made a gripe on the bearish trend.
Today, Enjin coin’s live price is up by 1.68% at $2.63, with a 24-hour trading volume of $ 215 million. We can see the heavy change in volume that is 21.75%, down from the last trading session.That heavy change in volume indicates the high selling pressure.
IIn a 4-hours time frame, coin had been making a head and shoulder pattern. As soon as ENJ broke the neckline of the pattern, then it went down and was trading in a consolidation phase. After consolidation, it started to move higher in a rising wedge pattern than test the resistance of a neckline and came into selling pressure.
Can Enjin bounce back from 20-MA?
Enjin is testing 20 Moving Average (MA). The price action may make it a support zone for further trading sessions. However, $3.32 is a crucial resistance level for this coin. It can be range-bound ahead.
200 Moving Average is looking for a strong support zone, and the coin can test this MA if it breaks the incline trendline with heavy volume.
Relative Strength (sideways) index at 46, which indicates the sideways tragedy after the soft bullish move and seems like it may consolidate itself for some time period then any big move can happen.
As we can see, Enjin is trading in a range-bound market after correcting its price. ENJ investors try to put buying pressure, and then they will have to struggle with many. key resistance levels
$3.5 and $4.8 are resistance levels. On the other hand, $2.21 and $1.18 will be the support zone for this coin.
Conclusion
In the battle of buyers and sellers, the Enjin price went in a sideways phase, and the Relative Strength Index is also indicating the same thing. Enjin may give a bearish move after testing its incline support line.
Support levels – $3.5 and $4.8
Resistance levels – $2.2 and $1.8
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.
