Enjin Coin Buyers Struggle to Regain Momentum
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Enjin Coin Remains Stale as Buyers Seek Expansion
Enjin Coin buyers struggle to regain momentum as traders seek expansion above the $5.430 significant level. The cryptocurrency has been trapped in a consolidation phase, with the token price emerging around the $5.430 significant level for several days. This month, the buyers have lost their grip in pursuit of expanding the price towards the $6.000 key level.
ENJUSD Key Levels
Resistance Levels: $6.000, $7.300
Support Levels: $5.430, $5.000
From the middle of this month, the market shifted in favor of the sellers, as the buyers failed to push the price higher towards the $6.000 key level. The Momentum indicator was seen in decline, indicating that the buyers have lost their grip on the crypto price.
Since September 15th, the bears have finally settled down above the $5.400 significant level, and the bulls have been accumulating above this significant area. However, the Momentum indicator is still on water, and no turbulent movement has been observed yet.
The Stochastic Oscillator is still on the rise despite the buyers’ struggle, suggesting that the buyers are not entirely giving up. In the shorter time frames, the buyers remain on the sidelines, wanting to overcome the current consolidation phase.
Market Expectation
The bulls need a solid push to keep fighting strongly in the market, and the Momentum indicator needs to show a solid spike to give the buyers a hint of a breakout. The current stagnation in the Momentum indicator is a concern for the buyers, as it indicates a lack of strong buying pressure.
The primary aim for the Enjin buyers is to regain their momentum and push the price higher towards the $6.000 key level. This level has proven to be a crucial resistance point for the buyers, and their ability to overcome this hurdle could signal a broader shift in market sentiment.
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