Enjin Coin (ENJUSD) Bearish Liquidity Cracks Beyond the $0.257000 Market Level
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ENJUSD Analysis: Buyers Are Resisting Selling Strength
ENJUSD bearish liquidity cracks beyond the $0.257000 market level. The crypto market has been on a bombastic ride as of late, with the bears taking control of the market. Enjin Coin has been no exception to this, as its prices have seen a continuous fall in the past few months. This week, the downfall took an even more dramatic shape, with the price breaking past the $0.257000 significant level. The buyers have had little success in regaining any confidence as the sellers continue to pull the strings.
ENJUSD Key Levels
Resistance Levels: $0.5486000, $0.470000
Support Levels: $0.257000, $0.2350000
The sellers have been aiming to reach a cycle of trade down to the $0.235000 market level. This is because the bulls managed to pick up some buying strength from this level at the start of 2020. However, the bullish tendency has been hindered by the build-up that has gone past the $0.50000 key zone.
The ENJUSD coin price has recently experienced a shift as sellers have gained influence in the market. This development is not unexpected, as sellers may continue to impact the market. However, buyers have begun to gather strength, as evidenced by the Relative Strength Index (RSI) almost ending selling action. This explains the current action of buyers in the market.
Market Expectation
Despite the recent uptick in buyer activity, the general trend for ENJUSD remains bearish. This is indicated by the Parabolic SAR (Stop and Reverse) and Moving Average indicators, both of which show a continued selling influence on the coin’s price. The current buyer activity may be viewed as a pullback as buyers trade beyond the key level of $0.257000. The sellers may still have an impact on the market in the days to come. As such, traders must remain vigilant and closely monitor the market.
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