Enjin Coin (ENJUSD) Sellers Eye Room for a Bearish Purge
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ENJUSD Analysis – Sellers Inch Closer to the Trend Line
ENJUSD sellers eye room for a bearish purge following the recent rebound to the $0.357300 key zone. After the breakout above this significant level, buyers were able to take control of the market, pushing it back to the $0.357300 zone. But, over the last week, sellers have been able to regain their momentum and drive the price back down to the trend line. If the price breaks below the trend line, it will be a strong indication of a bearish purge in the market and could lead to a sharp decline in the currency pair.
ENJUSD Key Levels
Resistance Levels: $0.548000, $0.4147000
Support Levels: $0.3573000, $0.2367000
The MACD (Moving Average Convergence and Divergence) signal line is still visible below the midlevel, indicating that buyers are yet to gain the upper hand. This signals a shift in market sentiment, with traders likely to take a more bearish view of the currency pair, as the current levels indicate a potential for further downside. It is vital to note that the current levels are sensitive, and any sudden changes in the market could lead to price volatility. Traders should be mindful of this and take precautions to reduce risk. This could include setting stop-losses and avoiding large positions.
Overall, the ENJUSD currency pair is showing bearish signs in the forex market, with the recent rebound to the key zone signaling the potential for further downside. Traders should remain vigilant and take precautions to reduce risk, as any sudden changes in the market could lead to price volatility.
Market Expectation
In the 4-hour time frame, the bears are already gathering momentum forward to break beyond the trend line in the market. The MACD remains in a progressive trend as sellers are now set to forge lower following the recent pullback in price. Traders should look out for a massive purge down to the next key level of $0.236700 as the momentum increases.
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