Enjin Coin (ENJINUSD) Continues Sliding as Price Holds Near Channel Floor

Price Analysis – ENJINUSD Shows Soft Recovery Inside Persistent Bear Trend

Enjin Coin has spent the second half of the year in a harsh downward slide, guided by a well-defined parallel channel. This sloping structure has consistently dictated resistance and support behaviour on the daily chart. Following its recent reaction to the lower boundary of the channel, the market triggered a weak bullish pullback, although the broader sentiment remains bearish.

Enjin Coin Key Levels

Demand level: $0.0290, $0.0200, $0.0100
Supply level: $0.0550, $0.0660, $0.0760

Earlier in July, the market created a sharp swing high, and the RSI reached overbought levels. This signalled exhaustion, leading to a swift crash. The decline became more pronounced after price broke through a bullish order block, exposing clear buyer weakness.

For most of the decline, the Smoothened Heikin Ashi consistently printed red candles, offering a reliable bearish signal. It helped filter out the brief upward movements that appeared as noise within the strong downtrend. The only interruption was a short double-top pattern formed in August.

Recently, ENJINUSD has remained pressed near the lower portion of the channel. RSI readings frequently fail near 40 before falling sharply, reinforcing dominant bearish strength. Daily chart behaviour also includes sudden, sharp spikes that keep volatility elevated.

Market Expectation

The current upthrust is expected to fade. With a bearish shift in the market structure already playing out, the bearish motion is expected to resume and the price is  expected to dip further.

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