Enjin Coin (ENJUSD) Buyers Lose Grip as Bearish Trend Persists
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ENJUSD Analysis – Buyers Lose Grip as Bearish Trend Dominates the Market
Enjin Coin buyers lose grip as the bearish trend persists. The Enjin market has been facing a significant challenge as the buyers have lost their grip on the market flow. After trading at the $0.150000 key level, the crypto buyers who were once active have now stepped back, allowing the bears to take control.
ENJUSD Key Levels
Resistance Levels: $0.2770, $0.20750
Support Levels: $0.17160, $0.12460
The buyers, who had been relatively quiet, have now attempted a recovery from the $0.12460 key level. However, their efforts have been short-lived, as the atmosphere has recently changed once again, pulling the price lower. Since the beginning of the year, the Enjin Coin price has been targeted by a bearish trend.
The buyers have been unable to step up and face the sell traders in terms of a strong reversal. The bears, who started their dive in August, have pushed the price down to as low as the $0.12460 key level. Despite the buyers’ attempts to regain control, the market has remained in a bearish state since last month and September, with the price only reaching up to the $0.17660 key zone.
This week, the buyers have been stopped halfway, and it is likely that the bearish market will continue to dominate. The Parabolic SAR Stop and Reverse indicator still put the buyers in view, but the Momentum indicator has maintained a quiet order, suggesting a lack of buying pressure.
Market Expectation
In the short-term timeframe, the bears have continued to push the price lower, and there has been a drop in the Momentum indicator, indicating that the buyers have lost their footing. The Parabolic SAR is now declining as well, further reinforcing the bearish sentiment in the Enjin Coin market.
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