Enjin Coin (ENJ/USDT) Continues Bearish Structure Inside a Descending Channel
Estimated Reading Time: 2 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/USDT Price Analysis: ENJ/USDT Faces Selling Pressure After Order Block Rejection
ENJ/USDT remains in a clear downtrend structure within a descending channel which made the price to attempt to break above the trendline. This was rejected by a bearish order block (OB) near the $0.0285–$0.0290 supply zone.
ENJ/USDT Key Levels:
Support Levels: $0.0240, $0.0220
Resistance Levels: $0.0280, $0.0360
On the daily timeframe, after the rejection, price formed a break of structure (BOS) to the downside, confirming that bears are still in control. The Stochastic Relative Strength Index (Stoch RSI) is in the oversold area near the $0.0240 price level, but price remains below key resistance and the trendline, signalling that any upward move may be corrective rather than a trend reversal.
The daily timeframe also shows price trading below the mid-band of the Bollinger Bands, indicating that bearish momentum is still present. On the 4-hour timeframe, the Stoch RSI shows that bears still have room to continue the downtrend.
Market Expectation
Zooming in on the 4-hour timeframe, price is forming a descending triangle pattern near $0.0240. This is a bearish continuation signal. Although price is currently reacting to the support at $0.0240, this level may be broken, allowing price to continue lower due to the chart pattern.
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.
