Enjin Coin Face Rejection at $0.0990 Resistance Key Level
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
ENJ/USD Price Analysis – Enjin Price Enters Corrective Downtrend
The recent bullish run in the Enjin Coin market has been decisively stopped after the price encountered significant selling pressure at a major resistance zone. This rejection has triggered a sharp reversal, pulling the price back into a corrective phase. With short-term control now firmly in the hands of the bears, the market is testing lower support levels as it digests the gains from its recent rally.
Enjin Coin Key Levels
Support Levels: $0.0760, $0.0560
Resistance Levels: $0.0990, $0.1220
The daily chart for ENJ/USD continues to depict a market defined by a wide and volatile trading range. For months, the price has oscillated between major support and resistance levels without establishing a sustained long-term trend. The most recent leg of this range was a powerful rally from the lows in late June, which saw buyers drive the price up to the key resistance level at $0.0990.
Enjin Coin price is staked at $0.0835 and the asset has been rejected from this resistance, which also coincided with the upper Bollinger Band. This price action is typical of a range-bound market, where the boundaries of the channel are well-defended. The price is now pulling back towards the middle of the range, with the 20-day moving average acting as the first significant line of support.
The Stochastic oscillator, after spending time in the overbought region during the rally, has now executed a sharp bearish crossover and is pointing downwards. This confirms that the strong upward momentum has been exhausted and that sellers have seized control, initiating the current pullback. The Bollinger Bands show the price retreating from the upper band, reinforcing the strength of the overhead resistance.
Market Expectation
The indicators on this chart confirm the bearish takeover. The price trading below the middle Bollinger Band is a clear signal of weakness, with the widening bands suggesting an increase in downward volatility. The Stochastic oscillator is deep in oversold territory, with a reading of 10.82 / 19.80. This highlights the intensity of the recent selling pressure. While it can sometimes lead to a minor bounce or pause, it confirms that the market is currently stretched to the downside under strong bearish control.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
