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•Enj/USD is currently priced at $0.34 and has decreased by 9.96% over the past day
•The trading volumes have increased by 2.27% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Is there any way out for Enjin Coin bulls?
The Enjin Coin price today is $0.349203 USD with a 24-hour trading volume of $82,175,169 USD. Enjin Coin is down 9.96% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.2353 for the altcoin.
The price action of the past few days has taken a toll on Enjin Coin as the bulls have achieved a comprehensive victory over the bulls. Enjin Coin bulls have, however, offered surprisingly little resistance and have allowed the bulls to romp over them and the ENJ Price transacting below the 20,50 SMA on the four hour chart is conclusive proof of that. If the bearish momentum is not checked in the market, then ENJ could slip below the $0.30 support level. On the other hand, the resistance for the altcoin is placed at $0.40 in the event of a trend reversal.
Long Term View for ENJ
After a hassle free passage of play in the past month, the Enjin Coin bears have come roaring back in the market which has led to the development of a bearish crossover on the daily chart. The MACD and signal lines are also diving deep into the negative territory which adds weight to the gloomy outlook. The RSI, on the other hand is currently transacting at 35.63 and looks to be rapidly descending towards the oversold territory.
Conclusion
ENJ Coin bulls appear to be at the mercy of the bears as they have taken over the market by storm. The selling pressure is unlikely to ease in the next few days as the bulls have been left in the lurch.
Support: $0.30
Resistance: $0.40
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
