Enjin Coin (ENJUSD) Buyers Are Facing an Uphill Battle
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ENJUSD Analysis: Buyers Struggle to Gain Dominance
Enjin Coin buyers are facing an uphill battle. The bulls are staging a quiet but determined comeback, with their sights set on reclaiming dominance. They are now pushing prices beyond the critical $0.28300 zone. After a period of increased selling pressure, it appears that the sellers have been losing their grip on the market this week.
ENJUSD Key Zones
Resistance Zones: $0.33280, $0.28300
Support Zones: $0..24500, $0.20060
Last week, the bullish momentum was notably halted at the $0.28300 price zone, causing a systematic decline in prices. Interestingly, before the dip occurred, the bulls attempted a faux bullish surge that resulted in a spike. This bullish spike managed to breach the $0.28300 significant level and ascend towards the $0.33200 price zone.
Currently, a struggle is unfolding as buyers strive to regain their bullish momentum. It’s becoming evident that a more substantial effort from buyers is needed to restore the market’s equilibrium. Despite signs of a potential turnaround, the Bollinger Band indicator has yet to fully recover from the price breakout. Meanwhile, the bears are putting up resistance and testing the resolve of the buyers.
Market Expectation
Taking a closer look at the 4-hour chart, buyers are positioning themselves to stage a comeback. However, the struggle is far from over, and it will require a concerted effort for them to regain control. Traders in the Enjin Coin market should remain vigilant, as the battle for dominance is ongoing. However, the outcome is yet to be determined.
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