Enjin Coin (ENJ/USDT) Key Support Level Becomes Resistant
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ENJ/USDT Price Analysis: ENJ/USDT Sees Surge in Volume as Price Tests Support Zone
ENJ/USDT price is forming near the overbought region of the Stochastic Relative Strength Index (Stoch RSI) at the $0.0240 level. This gives room for a possible move to the downside.
ENJ/USDT Key Levels
Support Levels: $0.0240, $0.0220
Resistance Levels: $0.0280, $0.0295
On the daily timeframe, a rising flag pattern inside the downtrend channel shows buyers attempted to break above resistance at the $0.0360 level. There was also a volume spike and a long-wick candlestick, signalling increased seller presence at that area. The market Breaks below then retested and continued in a downtrend.
On the daily timeframe, price remains in a downtrend structure within a descending channel. The volume indicator shows a spike as price reached the $0.02350 support level, meaning more bears entered the market at that area, signalling the breakout that followed.
Market Expectation
Zooming in on the 4-hour timeframe, previous support has become resistant at the $0.0240 level. Price formed a double top pattern at that area, and the neckline was broken, signalling that bears remain in control of the market. No trend reversal is expected soon, as price is still likely to continue breaking bearish structure.
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