Enjin Coin (ENJUSD) Buyers Need Extra Momentum to Fight Back
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Enjin Coin (ENJUSD) Analysis – Buyers Need Fresh Momentum
Enjin Coin (ENJUSD) buyers need extra momentum to fight back as price results in consolidation. The crypto market has had a difficult week as buyers have been unable to gain enough momentum to push the price further. The price has been consolidating since the buyers failed to gain more impulse in the market. With the cryptocurrency market already on a bearish decline a few months ago, the buyers have had to work hard to keep the price afloat.
ENJUSD Key Zones
Resistance Levels: $0.54200, $0.47200
Support Levels: $0.35300, $0.28900
The buyers challenged the sellers at the $0.24000 support level initially. They were able to leverage their strength to break above the $0.28900 market zone at the end of June. However, since then, the price hasn’t been able to get enough momentum to drive further. This has led to the sellers’ attempts to change the crypto price course.
For the buyers to fight back and gain more momentum in the market, they need to regain control of the market and push the price further. This will require them to be more aggressive in their buying. They will also need to take more risks in order to push the price in a bullish direction. This will give the cryptocurrency market the much-needed boost it needs to start climbing back up. However, this will also require the buyers to remain vigilant in order to keep the price from slipping back down.
Market Expectation
Above the $0.289000 significant level, the Enjin Coin (ENJUSD) price remains in consolidation. The Bollinger Band indicator shows price contraction. Traders can look out for a price breakout in either direction. On the 4-hour chart, the crypto price is also stagnant. The Momentum indicator suggests that the market needs a push to leave the consolidation phase. Crypto traders should expect a breakout from the consolidation phase.
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