Enjin Coin Faces Bearish Pressure as Price Retreats from Key Resistance
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ENJUSD Analysis – Enjin Coin Buyers Lose Grip
Enjin Coin faces bearish pressure as the price retreats from key resistance. The ENJUSD market has recently taken a bearish turn after failing to breach the crucial $0.20870 resistance level. The sellers have regained control of the market, pushing the price lower after a period of buyer dominance throughout the month of July.
Enjin Coin Price Levels
Resistance Levels: $0.3280 $0.2680
Support Levels: $0.2080 $0.16000
The ENJUSD price was seen fighting back against the bearish streak that had overwhelmed the market earlier. However, the sellers were able to assert their dominance after a successful breakdown below the $0.32890 key support level. The price subsequently plummeted to the $0.13840 level, where the buyers attempted to recover their losses.
Despite the buyers’ efforts, the selling pressure has intensified, and the ENJUSD price is currently trading around the $0.16050 level. This marked retreat from the previous highs suggests that bearish sentiment has once again taken hold of the market.
The Relative Strength Index (RSI) is currently positioned in the sell area, indicating that the selling pressure is dominant in the market. Additionally, the Parabolic SAR (Stop and Reverse) indicator is providing a bearish signal, further confirming the downward trend.
Market Expectation
The Enjin Coin market, in the lower time frame, has also faced a bearish turnaround after failing to maintain its upward momentum. The sellers have regained control, pushing the price lower and breaching the crucial $0.32890 support level.
The RSI and Parabolic SAR are signaling a bearish disposition, suggesting the potential for further downside in the ENJUSD market.
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