Enjin Coin (ENJUSD) Sets to Resume Its Downtrend
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ENJUSD Analysis – Price Approaches $0.44411590 Resistance
ENJUSD sets to resume its downtrend as price approaches $0.44411590 resistance. The market’s order flow has been bearish since the rejection at the $0.56803460 supply zone. While the market is bearish, ENJUSD might need to enter the $0.44411590 supply zone before crashing downward.
ENJUSD Significant Zones
Demand Zones: $0.33112710, $0.22982640
Supply Zones: $0.44411590, $0.56803460
Until the beginning of this year, the price of Enjin was typically on a downward trend. The presence of the bears was seen as the $0.33112710 support failed to stop the crash. On December 3, 2022, a retest was made on the $0.33112710 price level as the price crashed further. The further crash led ENJUSD into an oversold state according to the Relative Strength Index (RSI). The oversold indication caused the bears to exit the market in favor of the bulls.
The Moving Average signaled to buy as it crossed the price to the downside. A massive rally occurred as more bulls stormed the market with their buy orders. As of now, the market ranges between the $0.22982640 support and the $0.44411590 resistance. The buying momentum decreased as ENJUSD reached the major supply zone. However, the bulls strived to drive the price further upward until the relatively equal high of $0.5226330 was invalidated. On March 15, 2023, the price was rejected at the breaker block, which was nested in the $0.44411590 supply zone. The downtrend is likely to continue deeper into the discount zone.
Market Expectation
On the four-hour chart, ENJUSD is bullish as the price keeps creating higher highs. Since the overall trend is bearish, the diagonal support is expected to get broken as the market structure shifts downward.
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