Enjin Coin Bears Dominate as Price Pushes Toward $0.1400 Level
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ENJUSD Analysis – Sellers Press Lower
ENJUSD bears dominate as the price pushes toward the $0.1400 level. Enjin Coin has been experiencing a strong bearish trend, pressing deeper toward the $0.1400 support zone. Sellers have gained momentum, overpowering the bulls, especially after buyers lost grip at the $0.1860 resistance level.
Enjin Coin Price Levels:
Resistance Levels: $0.1500
Support Levels: $0.1400, $0.1230
The selling pressure has intensified throughout November, pushing the market into a significant decline after a brief bullish attempt at the start of the month. The sellers have capitalized on the weakening bullish momentum, pushing the price lower. The initial attempt by buyers to revive the market from the $0.1230 level showed strength, but this was short-lived as the bears took over, leading to a steep drop. The ease of breaking through minor support zones suggests growing bearish confidence.
The focus now shifts to the $0.1400 support area. A clear breach below this critical level could signal further selling pressure, potentially opening the path toward the $0.1230 significant level. The current bearish momentum shows no signs of weakening, with sellers gaining traction across both higher and lower time frames.
The Stochastic Oscillator indicates an extended bearish phase, with the oscillator moving away from the overbought zone and pushing deeper into bearish territory. This displacement reflects the strength of the sellers as they force buyers out, suggesting limited chances for immediate bullish recovery.
Although the MACD initially showed a positive sentiment at the start of the month, it has started to roll over, indicating a shift in momentum. The histogram is now decreasing, with the MACD line nearing a bearish crossover. This development aligns with the current downward trend, signaling further potential declines as sellers continue to dominate.
Market Expectation
On the short-term chart, the bearish momentum remains robust, with the MACD attacking lower and aligning with the downward movement seen in the Stochastic Oscillator. The bears are holding their grip firmly, suggesting that more selling pressure could be in store if the $0.1400 level is breached. The market could see a quick descent to lower key zones, especially if the selling volume increases.
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