Enjin Coin (ENJUSD) Descending Triangle Sets the Market for a Breakout
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Market Analysis: Buyers Defend 0.2700 Demand Level
Enjin Coin witnessed its highest trading volume in March. The ADX (Average Directional Index) rose above 40 Signaling a very strong uptrend. A decline in The trading volume was followed by the seizure of market dominance by the sellers.
Enjin Coin Key Levels
Demand Levels: 0.2700, 0.2000, 0.1000
Supply Levels: 0.3600, 0.5300, 0.6870
Shortly after the resistance level of 0.6870 was reached, a swing high was formed with the market reversing with a head and shoulders pattern. The price decline was further strengthened by a double break of structure to the downside.
The supporting trendline failed to prevent further downslide in the market price as the sellers launched a bombshell invalidating the supporting trendline. Shortly after the break of the bullish trendline, the demand level of 0.2705 was reached. Since the test of the demand level, the price decline has seized.
Market Expectation
A descending triangle pattern has formed on the daily chart. The market is therefore poised for a breakout. The descending triangle could proceed with a bullish reversal. On the other hand, it could also be an accumulation, to regain bullish momentum to tear through the demand level. On the 4-hour chart, the bull and bear power are at equilibrium, so it is important to be patient to observe the next major displacement to discern the next major move in the market.
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