Enjin Coin (ENJUSD) Is Likely to Run on a Bearish Swing as 2022 Closes Down
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ENJUSD Analysis: Bears Are Still Capable of Exerting Much Influence on the Crypto Price
Enjin Coin (ENJUSD) is likely to run on a bearish swing as 2022 closes down. More power is still bestowed on the sellers, as they are willing to make more progress back to the $0.20000 key zone. As of late, the buyers have had less impact on the cryptocurrency pair. This doesn’t mean they haven’t been very involved. Rather, they have been quite slow to fight back against the selling tendency. This, however, keeps giving bulls more charge to trend forward. Sellers may therefore eventually finish on a high note as this year phases out. The Moving Average indicator shows a cross, indicating room for sales expansion.
ENJUSD Key Zones
Resistance Levels: $0.71000, $0.40900
Support Levels: $0.26700, $0.20000
The sellers have been rooting for sales expansion since the major trend all through the year appeared bearish. Despite several stopovers by buyers, sellers already had the superior motive to move price action lower. The bulls exhausted their buying strength in August 2022 after a ride to the $0.7100 key zone. This gave the company more opportunities for deep flow all through the year. Ever since the ENJUSD made a slash away from the ascending channel, the sellers began to emancipate the lower trend.
The crypto price kicked further, even after accumulating in the significant zone of $0.40900. More declines occurred as the Enjin coin fell to the $0.26700 PLS level. Surprisingly, the Stochastic Oscillator is still poised to cross into sell-side influence. The MFI (Money Flow Index) still shows price volume ready to pose downward on the daily chart. Traders who are willing to join the selling force can press in as several indications still depict bearish action.
Market Expectations
The 4-hour chart is currently focused on the selling momentum. On the cryptocurrency market, sellers are already posing a greater threat. As a result, a lot of indication shows more set up for selling. The ENJUSD is therefore likely to run on a bearish wing as the year runs down.
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