Enjin Coin (ENJUSD) Retracts Upward As Price Becomes Oversold
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Market Analysis – ENJUSD Consolidates Around the $0.3000 Psychological Level
ENJUSD retracts upward as the price becomes oversold, according to the Stochastic Oscillator. Coincidentally, the price sets for a pullback to the upside as the selling pressure decreases. Owing to the current state of the market, a major retracement to the upside is highly probable. However, the market’s overall bearish trend is likely to resume once the premium zone is reached.
Enjin Coin Key Levels
Resistance Levels: $0.4780, $0.6870
Support Levels: $0.2540, $0.2040 
The retraction to the upside following the bounce off the $0.2540 support indicated the bull’s presence in the market. The succeeding bullish trend continued even after the second bounce of the $0.2540 support. Following the second bounce at the $0.2540 support in January 2024, ENJUSD experienced a massive surge, breaking out of the previous trading range.
After which, a new major high was formed. With no significant retracement, the price headed upward, forming the new major high at $0.6870. Following the formation of the $0.6870 major high, ENJUSD declined lower, with a new low formed at $0.4390. According to the indication from the MA Cross, the direction of the market is now bearish.
After the sell signal by the MA Cross, more bears stormed the market, causing an MSS (Market Structure Shift) to the downside. After the market structure shift, a bearish order block formed around the $0.4500 price level as a Drop-Base-Drop occurred. A consolidation is currently ongoing as the price sets to make a bullish retracement owing to the oversold state of the market.
Market Expectation
On the four-hour chart, the market’s trading range lies between $0.4780 high and $0.2540 low. The MA Cross currently indicates that the selling momentum has decreased. ENJUSD is expected to make a notable retracement into the premium zone before the bearish trend resumes.
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