Enjin Coin (ENJUSD) Sellers Pound Hard Against the Market

Enjin Coin Analysis – The Sellers Pound Hard Against the Market

Enjin Coin Sellers are having a field day by consistently pounding the market. They used their power most effectively in April, dropping the coin from $1.600 to $0.405 per coin. Though the market has since offered some resistance, the coin is clearly under pressure as the sellers keep pounding against it.

Enjin Coin Major Levels

Resistance Levels: $1.600, $0.770
Support Levels: $0.270, $0.115

The sellers demonstrated their dominance of the market, particularly when they plunged the coin from $1.600 down to $0.405 in April. The market became obstinate at that level, resisting the further downward push of the sellers. The market then started ranging, with the $0.770 price level offering resistance to the rise of the market.

The range of movement stretched from April into early November. The sellers maintained their pressure all through that period, and by November, the market became weaker from the bearish blows and has now dropped a level lower to $0.270. The MACD (Moving Average Convergence Divergence) indicator demonstrates the state of the market. Its lines have spent more time below the zero point.

Market Expectations

Moreover, the EMA period 30 (Exponential Moving Average) has spent more time above the daily candles. The candles only rose briefly above it and dropped in August and early November. The 4-hour candlesticks, on the other hand, were undulating around the EMA period 30 at some point. The MACD lines are also seen more around the equilibrium line, this is due to the ranging period of the market. Enjin Coin is likely to drop to $0.115.

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