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- 1 At press time, Enjin crypto price was $0.24048095 with a drop of 0.22% in the last 24 hours and a market cap of $240.481 Million.
- 2 Enjin crypto price decreased by 12.65% over the past seven days.
The Enjin coin price continues to display weakness on the charts, with sellers exerting significant pressure in recent trading sessions. Enjin price dropped 0.22%, intraday. Buyers are making efforts to gain traction in the market, but they were only able to secure a few critical levels of support.
Furthermore, the Enjin coin price favors the bears, as the price continues to form lower structures showing a battle between bears and bulls. Intraday trading volume increased by 0.54%. Moreover, the ENJ crypto suggests further volatility in the following sessions.
The Enjin coin price is trading in a downtrend on the daily charts and underperformed in the past months. Furthermore, the technical indicators continue to signal bearishness, with no signs of a bullish reversal or bounce.
Technical Analysis of Enjin Crypto Price in 1-D Timeframe
On the 4-hour charts, the ENJ coin price is under the control of the bears, and bulls are not able to surpass the range of neutrality. The price action indicates that sellers are persistently pushing back against the bulls below the bearish trajectory, causing the gains from the top to erode.
In the 4-hour time frame, the relative strength index (RSI) curve is near the oversold range of 44, indicating negative sentiment and bearishness on the charts.
The MACD indicator gives a bearish signal and both the moving averages converge divergence, which suggests that a significant down move can be shown in the upcoming sessions.
Currently, ENJ coin (USD: ENJ) is trading below the 50 and 200-day SMAs (Simple moving averages), which do not support the price trend.
However, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the ENJ price is expected to move downwards giving bearish views over the daily time frame chart.
The current value of RSI is 26.29 points. The 14 SMA is above the median line at 33.26 points which indicates that the Enjin crypto is bearish.
The MACD line at -0.01538132 and the signal line at -0.01194186 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the ENJ crypto price.
Summary
ENJ coin price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective. Enjin (USD: ENJ) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the ENJ crypto price.
Technical Levels
Support Levels: $0.27037507 and $0.24277742.
Resistance Levels: $0.33508388 and $0.37219504.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
