Enjin Coin (ENJUSD) Bulls Continue to Deploy Buying Strength
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ENJUSD Analysis – Buying Strength Remains on the Rise
ENJUSD bulls continue to deploy buying strength as the crypto market remains solid in a bullish moment. The bulls have decided to set up an episode of buying across the market in a bullish moment. The bulls have decided to set up an episode of buying across the market. As a result of this, more territories are being claimed, and new order blocks are being reacted to. The recent crypto trade shows buyers surpassing the $0.4000 key zone. Aside from that, the buy traders are still willing to cause more liquidity to flow through the market.
ENJUSD Key Levels
Resistance Levels: $0.5000, $0.4000
Support Levels: $0.3000, $0.2000
The sell traders have been active below the trendline. In November 2022, the sellers made a solid run as the ENJUSD price fell from the mid-parity level. Selling tendencies continue to deepen below the $0.5000 key zone. The bulls were able to make a vital recovery in price following the bearish trend to the key zone of $0.2320. The ENJUSD price gave a solid confirmation based on the previous week’s trades. Following the bullish breakout from the trend line, the buyers successfully surpassed the $0.3000 significant level.
From the Bollinger Band breakout signal, there has been an increase in buying momentum as we speak. The buyers have just broken through the $0.4000 key level. Nevertheless, more order blocks are still pegged to be broken in the coming days. The RSI (Relative Strength Index) has shown a price signal above the line of 80. Traders should therefore pay attention as buying strength may wear out following the breakout. This implies that sellers may pull back on buying strength before bulls can progress on the daily chart.
Market Expectation
The bulls are currently trading above the $0.4000 key zone. Nevertheless, the RSI indicator remains in an overbought state. This means that there could be a reason for a retracement to the $4,000 key zone following the breakout.
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