Enjin Coin (ENJUSD) Buyers Are Losing Spark
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ENJUSD Analysis – Buyers Lack the Momentum to Make More Gains
ENJUSD buyers are losing spark as less price volatility affects the crypto price. The bulls have been struggling to make further progress since breaking above the trendline. After a brief rally, the market has remained steady, with sellers looking for a potential breakdown.
This could mean that the bulls are looking for an opportunity to strengthen their position before attempting to move forward again. Since the breakdown in June, buyers have been making a serious effort to push prices higher.
However, sellers were able to drop the price below the key support level of $0.33410. This caused the ENJUSD price to plunge to the $0.245200 key level. This sparked a series of buying moments, pushing the price back above the trendline.
ENJUSD Important Levels
Resistance Levels: $0.54500, $0.475600
Support Levels: $0.33410, $0.24520
At present, the price is above the trendline on the daily chart. However, the bulls must continue to gather strength before attempting to break through the $0.3341 resistance level. If the bulls can break through this resistance, it could signal a major shift in the market. Conversely, a failure to break above this level could indicate that the bearish trend will continue.
Cryptocurrency markets have been volatile lately, and the momentum indicator on the daily chart time frame is still hovering above the 0.00 level, showing that the price of crypto is lacking any major volatility. This could be a sign that the market is waiting for a catalyst to push the price further.
Market Expectation
On the 4-hour chart, the Bullish histogram on the MACD (Moving Average Convergence and Divergence) indicator is increasing, indicating that buyers are gaining strength and there may be a drive back in price movement towards the trend line. If the price can break through the trend line, it could set up a retest of the $0.33410 key level, which would indicate that buyers are ready to build strong momentum.
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