ENJUSD Price Impulse Continues in Consolidation
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ENJUSD Analysis: Buying Impulse Rejected at the $0.512000 Psychological Level
ENJUSD price impulse continues in consolidation. It’s been a wild ride for the ENJUSD crypto pair, with prices bouncing between the $0.427000 and $0.512000 key zones. After a long session of buying activity in the new year, the price has been technically sustained between these two key zones. Therefore, it looks like the buying impulse has been held back for the time being. The crypto market is still in a state of accumulation, with traders hoping for a spike that will drive the price away from its current consolidation phase. The sell traders have entered the scene, hoping to push the price activity back to the $0.427000 key zone. However, it looks like the buying impulse is still strong enough to keep the price afloat.
ENJUSD Key Zones
Resistance Zones: $0.512000, $0.427000
Support Zones: $0.316000, $0.237000
So, while the ENJUSD price impulse continues in consolidation, there’s still hope that the buying impulse will eventually break through and drive the crypto market to new heights. The crypto market has been on a wild ride in January, with buyers driving the token price up like never before. The bulls were able to pull away from strong influence at the $0.237000 key zone, and the buying stability was sustained for a while as the buy traders were able to establish trade up to the $0.512000 key zone. This is no surprise, as the price once consolidated below this level back in October 2022. We are now experiencing a taste of what a breakout could look like.
At the moment, the sellers are deploying lower-priced orders as consolidation continues. The Stochastic Oscillator is marked to lead lower on the daily chart, as the market is still trying to find a balance between buyers and sellers. It’s an exciting time to be in the crypto market, and it will be interesting to see how things play out in the coming weeks. The buyers from January have certainly made their mark on the market, and it will be interesting to see if the bulls can keep up the momentum.
Market Expectations
Despite the selling activity currently ongoing as a result of consolidation, traders should still anticipate a breakthrough in price. The bulls can still recover to break through the $0.512000 key zone.
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