Enjin Coin (ENJUSD) Buyers Lose Momentum
Estimated Reading Time: 2 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
ENJUSD Analysis- Buyers Lose Appetite
Enjin Coin buyers lose momentum, thereby giving sellers a chance to penetrate. This week, Enjin Coin’s buyers faced a setback as the bears took control of the market. Their attempt to push the price higher was halted, with a notable resistance at the $0.337600 level.
This key level hasn’t been tested since July of this year, and back then, the bulls had also lost their momentum. Sellers saw an opportunity and drove the market lower.
Enjin Coin Market Levels
Resistance Levels: $0.337600, $0.288100
Support Levels: $0.242700, $0.204000
Buyer interest had been steadily building since the middle of October, with the bulls putting in significant effort from the $0.204000 level. However, their progress came to a halt at the $0.337600 key level. If the buyers can’t regain their strength, we might see more selling pressure on the Enjin coin. This will potentially push the price back down to the $0.288100 key zone.
The bullish momentum has declined, evident from the weakening strength of the momentum indicator. The Money Flow Index, which is currently around the 80.00 level, implies that the market is in overbought territory. This could mean that buyers have pushed the price to an unsustainable level, and a correction or pullback might be in store.
Market Expectation
In the shorter time frame, the buyers are struggling to regain control while the sellers maintain dominance. It is expected that buyers will make an effort to challenge the sellers. However, for now, sellers are focused on the $0.288100 price level, ready to defend their position.
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.
