Enjin Coin (ENJUSD) Experiences Downward Spiral

Enjin Coin Analysis – ENJUSD Reaches $0.060

Enjin Coin (ENJUSD) failed to rise beyond the swing high formed at $0.390 in December. The inability to sustain above the propulsion block at $0.270 was an early indication of a potential reversal. This weakness was further confirmed by the crossover of the Moving Averages periods 9 and 21, clearly signaling a shift in the market trend from bullish to bearish.

ENJUSD Key Levels

Demand Levels: $0.060, $0.050, $0.040
Supply Levels: $0.130, $0.200, $0.270

The bearish trend in Enjin Coin has been characterized by a steep decline, revealing an aggressive sell-off phase. This intense downward pressure allowed the price to tear through the significant demand level at $0.130. Notably, this $0.130 zone had previously served as a strong support where sellers had struggled to gain control during a prolonged consolidation phase from August to October of the past year.

Following the decisive break of the $0.130 key level, the slope of the downtrend transitioned from steep to more gradual, indicating a noticeable reduction in selling momentum. Consequently, ENJUSD has gently slipped downward, eventually reaching the next major support at $0.060.

Market Expectation

The transition from a sharp slope to a gentler one suggests that the downward trend may be approaching exhaustion. The alignment of small-sized candles on the daily chart points to a buildup of pressure, indicating a likely pending wild displacement in price action. Traders should prepare for potential heightened volatility in the coming sessions.

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