Enjin Coin (ENJUSD) Sellers Regain Confidence 

Market Analysis: Sellers Aim to Conquer $0.167200 Level

Enjin coin sellers regain confidence as they aim for a breach. The cryptocurrency has witnessed a resurgence of selling pressure as bearish traders have regained their confidence and are now focused on breaching the $0.167200 significant level. After being held back for a few days, the sell-side traders are back on their feet, and their attention is now fixated on overcoming this crucial price zone.

ENJUSD Key Levels

Resistance Zones: $0.40000, $0.51000
Support Zones: $0.167200, $0.153000

Enjin Coin has been trading in a consolidation atmosphere despite the initial bearish sentiment since May. The bears decided to swing low, pulling the price from the $0.40000 market area. Last month, the sell-side traders descended through the $0.23290 key level, and following this breakout, the bearish momentum slowed down as buyers tried to recover.

However, the sell-side traders are currently back on their feet and are poised to see the price breach through the $0.167200 major level. The Parabolic SAR Stop and Reverse indicator has changed back to the bears, resuming its bearish course this week. The sellers still have a chance of crossing through the $0.167200 key level, as the Stochastic Oscillator is trading downward.

Market Expectation

In the shorter time frame, the bears have resumed their target and are willing to pull the price lower. The Parabolic SAR indicator shows that the bears are settled to trade lower this time, and it is only a matter of time before the $0.167200 market area is breached. Traders should closely monitor this level, as it could be a crucial support or resistance point in the coming days.

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