Enjin Coin (ENJUSD) Prepares for Impending Breakout as Symmetrical Triangle Takes Shape
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ENJUSD Analysis – Symmetrical Triangle Indicates Breakout Potential
The ENJUSD cryptocurrency pair is currently poised for a potential breakout, as a symmetrical triangle pattern has formed. This technical pattern suggests a period of consolidation and indecision in the market, with a breakout expected to establish a clear market direction.
ENJUSD Important Levels
Resistance Levels: $0.340, $0.370, $0.390
Support Levels: $0.280, $0.270, $0.250
Following a bearish failure swing in June, ENJUSD has shown the formation of higher lows since reaching the demand level of $0.250. A rejection candle on June 10th triggered a pullback from the bearish swing.
The short-term upward movement has been unable to breach the resistance level at $0.340, thus failing to establish a reversal. Simultaneously, the recent low has held, preventing a continuation of the bearish direction.
Market Expectations
The price action has formed a symmetrical triangle pattern, indicating a period of consolidation and indecision. A clear market direction is anticipated upon a breakout above the most recent high or low within the triangle.
Market indicators also point to a crucial juncture. The Relative Strength Index (RSI) on the daily chart currently sits at equilibrium, suggesting a balance between buying and selling pressure. On the 4-hour chart, the market is consolidating, with the RSI hovering around the 50 mark. A breakout is eagerly awaited to establish the definitive direction of the market.
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