Enjin Coin (ENJ/USD) Crashes Into 0.270 Demand Level
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Market Analysis – ENJUSD Encounters a Notable Decline
Enjin Coin (ENJ/USD) has recently encountered a notable decline, plummeting to the 0.270 demand level. This movement follows a trajectory that began with the cryptocurrency’s price residing in the oversold territory at the onset of the year. In January, the Stochastic indicator dipped into the oversold zone, reflecting this initial phase. Subsequently, in February, the crossing of Moving Average periods nine and twenty-one instigated a bullish reversal.
Key Levels for Enjin Coin
Demand Levels: 0.2710, 0.2480, 0.2040
Supply Levels: 0.3570, 0.5320, 0.5840
During the bullish phase, Enjin Coin experienced a swift ascent, characterized by a steep incline on the daily chart, leading the Stochastic indicator to promptly enter the overbought region. This upward momentum persisted until encountering resistance at the 0.6870 level.
Following the resistance encounter, the market underwent an unsuccessful retracement, ultimately resulting in a complete reversal. This bearish shift was promptly confirmed by the Moving Averages, with the shorter Simple Moving Average (Period 9) crossing beneath the longer Simple Moving Average (Period 21). Notably, the breach of previous significant lows within the bullish trend signaled a retracement, offering viable entry points for short positions in the forex market.
Market Expectation:
Currently, the price has dipped below the Moving Averages to reach the 0.2710 demand level. There exists a possibility of a retracement, given the Stochastic indicator’s oversold reading. Should this materialize, the subsequent demand level at 0.2480 represents a critical point to observe for potential market dynamics.
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