Enjin Coin (ENJUSD) Sellers Continue to Wield Control Over Price
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Market Analysis – Buyers Plan Recovery
Enjin Coin (ENJUSD) sellers continue to wield control over prices. The cryptocurrency has been facing sustained selling pressure, with the sellers quietly aiming for a price reaction down to the $0.17400 key area. The bears have maintained their strength in recent days, despite attempts by the buyers to hold them back.
The Enjin price began declining last month, falling from the $0.39600 key area. The bears have successfully driven the price lower, breaking through key support levels. While the bearish momentum continued even after the price gained some ground, the buyers were able to recover some losses last week when the price fell to the $0.174000 key zone.
ENJUSD Key Levels
Resistance Levels: $0.450000, $0.350000
Support Levels: $0.174000, $0.234000
However, the sellers are not yet satisfied, and they are now looking to penetrate lower, as the buyers have not been strong enough to pull the price back up. The Parabolic SAR (Stop and Reverse) indicator is now rising, suggesting that the bearish sentiment remains strong.
The Relative Strength Index (RSI) is trading in oversold territory, indicating that the selling pressure has been overwhelming. While the buyers may still be eyeing a strong reversal, they will need to demonstrate a significant surge in buying momentum to overcome the sellers’ control.
Market Expectation
On the four-hour chart, the tug of war between the bulls and bears continues. The bears are pressing down, and they appear willing to go deeper, while the buyers are still aiming for a reversal.
The outcome of this battle will likely be determined by the stronger hand this week. If the sellers manage to maintain their grip on the market, the ENJUSD price could potentially reach the $0.17400 key area.
You can purchase Lucky Block here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
