Enjin Coin (ENJUSD) Buyers Are Aiming for a Strike
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ENJUSD Analysis – Consolidation Still Unfolds as Buyers Gain Momentum
ENJUSD buyers are aiming for a strike back above the $0.31800 key zone. Despite our expectations for a buy setup above the significant level of $0.31800, the bulls are gaining strength. Price consolidation has been going on since the middle of November and is still going on. However, buyers are now established above $0.31800, a significant level following selling dominance. As compaction is currently seen on the Enjin coin, traders must be alert to price expansion. On the daily chart, the Bollinger band is likely to expand as buyers are now assembling strength.
Enjin Key Zones
Resistance Zones: $0.70000, $0.55000, $0.47000
Support Zones: $0.410000, $0.318000, $0.28000
The seller’s strength began to build up after buyers exhausted their power close to the $0.70000 key level. The Enjin sellers made a strong pull from the $0.70000 key zone. Ever since then, there has been a consistent drop in the crypto market. As the price breaks through the $0.55000 key zone, the sellers continue to trade-off. The crypto price consolidated before sellers expanded below the $0.41000 key zone. The Bollinger Band indicator opens the price with a solid break further beyond the $0.41000 key zone.
However, the traders’ selling zeal was depleted. The crypto price is currently consolidating between the significant levels of $0.31800 and $0.28000. The buyers are now picking up strength, with the MACD (moving average convergence and divergence) indicator gaining bullish strength. The stochastic oscillator is also gaining buying momentum as we speak. Above the $0.31800 key zone, a possible breakout is expected.
Market Expectation
The buyers are mounting bullish pressure back to the $0.31800 key level. The bulls are seeking a price breakthrough as the crypto price consolidates at the moment. The MACD is gradually storming upward back to the positive axis as we expect bulls to take over beyond the $0.31800 key zone.
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