Enjin Coin (ENJUSD) Buyers Seek Recovery Amid Bearish Trend
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Market Analysis – Buyers Attempt to Regain Footing
ENJUSD buyers seek recovery amid a bearish trend. The cryptocurrency has been facing a bearish trend since last month, with the price cutting through several key support levels. The significant level broken this month was around the $0.237100 mark. Since May, the sellers have been in control, defeating the buyers at the $0.400000 price level. However, the buyers have been relentless and seek to change the tide.
ENJUSD Key Levels
Resistance Levels: $0.400000, $0.450000
Support Levels: $0.237000, $0.172100
At the moment, a slight recovery has been seen in the ENJUSD price, with the buyers preventing the sellers from pushing the price down to the $0.172100 support zone. From the daily Stochastic Oscillator chart, the signal line has been hovering in the oversold area for an extended period, indicating that the buyers may be due for redemption. A persistent pressure building around this key support level can give the buyers more confidence to initiate a reversal.
The Moving Average on the daily chart still looks relaxed as the sellers continue to push the price lower. However, the short-term time frames reveal that the buyers are gaining strength, with the atmosphere changing in their favor.
The technical indicators are suggesting a potential for a reversal in the ENJUSD price. The Stochastic Oscillator has been in oversold territory for an extended period, indicating that the buyers may be ready to step in and regain control. The Moving Average, while still relaxed, could be an area of interest for the buyers to mount a comeback.
Market Expectation
In the shorter time frames, the buyers appear to be on the rise, with the atmosphere changing in their favor. Traders will be closely monitoring the $0.172100 support level to see if the buyers can successfully defend it and potentially initiate a rebound. A successful defense of this level could pave the way for the buyers to push the price back towards the $0.237100 resistance area.
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