Enjin Coin (ENJUSD) Bulls Emerge at Support
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Price Analysis – Enjin Buyers Eye New High
Enjin Coin price is showing signs of a potential bullish reversal as buyers begin to step in near a long-term support zone. After a period of consolidation with a bearish bias, key momentum indicators are starting to flip positive. Bulls are now attempting to establish a new uptrend, though they face the immediate challenge of breaking through a significant resistance level.
Enjin Coin Key Levels
Support Levels: $0.0564 $0.0630
Resistance Levels: $0.0728, $0.0916
The daily chart for Enjin Coin continues to be defined by a broad, multi-month trading range. The price has been consolidating in the lower half of this channel, building a base just above the major support floor at $0.0564. While the price action has been subdued, underlying indicators are hinting at a subtle shift in market dynamics.
Currently trading at $0.0687, the price is showing the first tentative signs of a bottoming process. The most important development is on the Relative Strength Index (RSI), which has just crossed above the neutral 50 midline. This is a classic signal that momentum is beginning to shift from bearish to bullish territory. Furthermore, the Money Flow Index (MFI), while still below 50, has been forming higher lows, creating a subtle bullish divergence against the price. This suggests that selling pressure has been quietly exhausting over the past few weeks.
Market Expectation
The 4-hour chart confirms that a new short-term uptrend began in early September, which saw the price rally from the $0.0650 area. This rally has now encountered its first significant test at the horizontal resistance level of $0.0728. As a result, the price, currently at $0.0697, is undergoing a minor pullback or consolidation.
This healthy correction is reflected in the indicators. Both the MFI and RSI have hooked downwards from their recent peaks, confirming a temporary pause in the upward momentum. However, both indicators remain comfortably above the 50-midline (at 58.78 and 53.30 respectively).
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
