Enjin Coin (ENJUSD) Trading Moment Remains in Bearish Favor
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ENJUSD Analysis – Sellers Could Pump the Price Back to the $0.235000 Market Level
ENJUSD trading moment remains in bearish favor as sellers plan to make more pumps lower to the $0.235000 level. Despite the interest from buyers, sellers continue to hold more power over the Enjin coin, leading to a few declines in the past few weeks. The buyers seem to be trapped in between selling moments, unable to make significant gains on the crypto price.
ENJUSD Market Zone
Resistance Zones: $0.54800, $0.47000
Support Zones: $0.35000, $0.235000
The Enjin coin experienced a buying reign to the $0.548600 significant zone, but the resistance at this level propelled sellers into action, resulting in a purge of sell liquidity in the market. This has made it difficult for buyers to make any significant progress as sellers continue to hold more preeminence over the coin.
The crypto market has been experiencing a volatile period, with the sell-off pushing the coin price lower to the $0.354200 level. Buyers responded to the dip, pushing the price up to the $0.470000 level; however, bearish momentum quickly resumed. The sellers have been resolute in their efforts to push the price beyond the significant $0.354200 level. This is evidenced by the fact that the Parabolic SAR (Stop and Reverse) indicator is currently trending bearishly.
Market Expectation
The next target for the sellers is the significant $0.235000 level, which could be breached in the coming days. This indicates that bearish action is likely to continue shortly, and traders should prepare for further downside pressure. It is important to note, however, that the crypto market can be unpredictable, and sudden shifts in sentiment could lead to unexpected price movements. Traders should therefore monitor the market closely and adjust their positions accordingly.
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