Enjin Coin (ENJUSD) Faces Selling Pressure Into The New Year
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ENJUSD Analysis – Bulls May Make a Comeback
ENJUSD has experienced a shift towards the sell side in recent weeks. The sellers have taken control of the market sentiment and may continue to push the price lower. The bulls, who had been driving the price higher in previous weeks, have lost their momentum. They are also currently struggling to regain their footing.
Market Key Levels
Resistance Levels: $0.431400, $0.355000
Support Levels: $0.299000, $0.205100
As we enter 2024, Enjin Coin has yielded a significant amount of bearish sentiment, more so than it has in months. However, it’s important to note that the bulls were able to rally and gain strength in the last quarter of 2023. The price of Enjin Coin started to rise as bullish momentum picked up, particularly around the key zone of $0.205100. For several months, buyers maintained their bullish race, but they hit a roadblock at the $0.431400 price zone. This opened the door for sell-side traders to enter the market and drive the price lower.
The momentum indicator experienced a significant drop following the bullish resistance at the $0.431400 level. Since then, the sellers have been in control and may continue to exert their influence in the market. However, as the price approaches the $0.299000 zone, it appears that the bears’ liquidity pool is weakening and may not push the price further down. This suggests that a turnaround could be on the horizon.
Market Expectation
The Stochastic Oscillator is reacting close to the end of the sell region. This indicates that the bears may be losing their strength. This presents an opportunity for the bulls to reenter the scene and potentially drive the price higher again this week.
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