Enjin Coin (ENJ/USDT) Experiences Trend Reversal
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ENJ/USD Price Analysis: ENJ/USD Breaks Out Above Downtrend
ENUJ/SD broke above the downtrend and retested the trend line at level $0.0290. A candlestick with a long wick is being formed on the trend line, meaning the market is respecting the trend line and price is likely to continue in an uptrend at price level $0.0290. This trend line retest is another chance to ride early with the bulls
ENJ/USD Key Levels:
Support Levels: $0.0290, $0.0250
Resistance Levels: $0.0370, $0.0480
The daily timeframe shows a candlestick forming directly at the top of the Moving Average Cross (21 MA Cross) at price level $0.0290. The 9 MA also moved above the 21 MA, an early signal of a bullish move. A confluence of resistance and the trend line at price level $0.0290 is also visible
On the 4hr timeframe, there is a confluence zone at price level $0.0290 (marked red). The confluence is Order Block (OB), support, and the trend line. The candlestick with a long wick also confirms this red zone as a confluence. The stochastic Relative Price Index (Stoch RSI) shows the market is in the overbought area, signaling the market is going to rally soon.
Market Expectation
On the 4hr timeframe, there is a change of character (CHoCH) at price level $0.0320 and $0.0330; this often depicts a reversal of trends. Given all the confluence on the 4hr timeframe and daily timeframe, the market is experiencing a breakout that may lead to a bullish trend.
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