Enjin Coin (ENJINUSD) Retests Lower Channel Region as Bears Retain Control

Price Analysis – ENJINUSD Experiences Brief Pullback During Larger Decline

Enjin Coin continues to struggle under strong bearish pressure. The market has featured a downtrend throughout the second half of the year, guided by a descending Parallel Channel. The structure has clearly shaped the sloping support and resistance zones. After touching the channel’s support level on the daily timeframe, the market attempted a mild bullish correction.

Enjin Coin Key Levels

Support level: $0.0290, $0.0200, $0.0100
Resistance Level: $0.0550, $0.0660, $0.0760

A major swing high emerged in July, and the RSI showed overbought conditions at the time, triggering the initial collapse. Buyers lost further footing after the market violated a bullish order block, revealing that bullish strength had weakened considerably.

Except for a very short double-top formation seen in August, the Smoothened Heikin Ashi has consistently given bearish readings. Its repetitive red candles have hovered above the regular candles, filtering out the temporary upward moves commonly seen within strong downtrends.

More recently, the price has clung to the lower region of the channel. The RSI barely exceeds 40 before collapsing, confirming that bears are in control of momentum. The daily chart has also shown sudden and sharp spikes, adding unpredictability to the environment.

Market Expectation

Although price recently bounced from channel support, the move looks short-lived. With a swing high already in place, the market is expected to drop back toward $0.0290.

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