Enjin Coin (ENJUSD) Buyers Lose Momentum

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.

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