- 1 ENJ’s price after giving a golden crossover failed to make a breakout.
- 2 ENJ price took severe resistance from the 200 EMA
The ENJ price after making an extremely bullish rally of more than 95%. While crossing above the major key averages with a strong momentum ENJ price took a retest from the 100 EMA and crossed above it while taking support from the 20 EMA.
Although after crossing above the 100 EMA the ENJ took severe resistance from the 200 EMA after making several attempts to cross above it Enjin’s price took a harsh rejection and made a severe downturn of 30 percent. The current ENJ price is $0.347 with a change in 24-hour trading volume of 28 percent. ENJ is seeing a decline of 12.17% in the last 24 hours.
ENJ broke down of the support level with a strong bullish candle ( Daily Timeframe)
According to the Alternative (dot) me the overall market sentiments are currently trading in the near Fear zone in the greed and fear index around 34 points. Seeing a sharp decline of 16 points since last week when the market was trading around the neutral zone around 50 points.
While the sellers are currently overpowering the bulls around the major cryptocurrency exchange platforms by 50 -53 percent according to the Coinglass site.
Technical Analysis on (1 Day Timeframe)
The Enjin coin after attempting to break out by giving a golden crossover took a severe rejection from the 200 EMA while the 20 EMA is also crossing below the 50 EMA providing a bearish signal for the upcoming trend. While the RSI line is trading in the supply zone around 32 points and the 14 SMA is providing resistance to it trading just above the median line around 44.82 points.
After failing to cross above the 200 EMA ENJ price has taken a downturn of 32%. Although the price did try to find support above the 100 EMA but it couldn’t sustain. And made a breakdown through all the major key averages while making a bearish three candlestick pattern of three black crows.
These signals are indicating that the ENJ price is currently trading under a bear trend and might continue this trend while the sellers are overpowering and if the market price does not take support from its nearest support level. Although as it is trading under 200 EMA the resistance might prove to be far stronger than the support level.
Technical levels –
Support – $0.300
Resistance – $0.550
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.