Enjin Coin (ENJUSD) Price Has Potential for Further Downside
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Enjin Coin Analysis – Sellers Seek a Breakthrough
The Enjin (ENJUSD) price has the potential for further downside. The Enjin (ENJUSD) crypto market has been grappling with uncertainty as both buyers and sellers battle for control. Over the past month, Enjin (ENJUSD) has found itself trapped within a consolidation range. This period has seen both buyers and sellers exert their fair share of influence. However, the balance tipped in favor of the bears when they forcefully breached the key level at $0.27300 in mid-August.
Enjin (ENJUSD) key levels
Resistance Zones: $0.55300, $0.47900
Support Zones: $0.27300, $0.22500
Since then, Enjin’s price has been oscillating, primarily staying above the significant support level of $0.22500. This consolidation phase was a result of traders’ inaction, pushing the market into an accumulation phase. Nevertheless, the bulls attempted to break out recently, but their efforts were swiftly repelled.
Currently, the price of ENJUSD has taken a bearish turn, with the bears gaining momentum. They have successfully breached the important $0.22500 support level. The crucial question now is whether the sellers can maintain their dominance. This shift in sentiment is evident in the Relative Strength Index (RSI). This is pointing in a bearish direction, highlighting the increasing attention from sellers.
Market Expectations:
The buyers are attempting to stage a comeback, causing a pullback amidst the prevailing selling pressure. To regain control and end the bearish trend, they must break back above the critical $0.22500 level. The moving average crossing indicator continues to lean towards a bearish tendency. This suggests that sellers still hold influence over the Enjin coin market.
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