Enjin Coin (ENJUSD) Awaits Fresh Momentum for Bearish Continuation
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Enjin Coin (ENJUSD) Analysis – Sellers Are Taking a Breather
Enjin Coin (ENJUSD) awaits fresh momentum to continue its bearish tendency after a period of consolidation. Sellers have taken a break, possibly interpreting the market as oversold. This temporary pause in selling pressure has stimulated a fightback. As a result, it has also attracted buyers around the key zone of $0.279500. This key level is now acting as a magnet for price accumulation through increased buy orders.
ENJUSD Key Levels
Resistance Levels: $0.459300, $0.553800
Support Levels: $0.278500, $0.226000
In August, early accumulation marked the bear market. It was followed by a downward breakout in the cryptocurrency’s price. Sellers encountered difficulty pushing the market below the $0.279500 level, potentially due to traders locking in profits. Consequently, the market has exhibited a relatively subdued state. However, a renewed surge in selling pressure could potentially instigate a substantial decline as the new month approaches.
The MACD (Moving Average Convergence and Divergence) indicator currently reflects ongoing bearish market conditions. However, it will necessitate a stronger push to initiate a significant breakout. This is because the buyers are not willing to give up their efforts in the market. This consistent struggle has led to price accumulation.
Market Expectation
Observable price squeeze patterns on the 4-hour chart indicate the possibility of an imminent breakout for Enjin Coin. Nevertheless, sellers require a more forceful push to break below the market, thereby sustaining the ongoing downward trend. The bears therefore need to get stronger so as to cause a purge in the market. As the squeeze continues to emerge, sellers should prepare for another breakthrough in the market.
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