Enjin Coin (ENJUSD) Selling Momentum Declines

Market Analysis – Major Correction as the Third Wave Ends

ENJUSD’s selling momentum declines as the bearish wave ends. The reversal from $0.730 seems to be coming to an end as the selling momentum declines. The overall trend of the market since last month has been bearish. This was followed by the RSI’s (Relative Strength Index) indication of the state of the market being overbought.

Enjin Coin Key Levels

Resistance Levels: $0.500, $0.730 
Support Levels: $0.270, $0.210
 
ENJUSD consolidated at the discount zone until late last year. The price remained within the $0.210 support and $0.270 previous resistance until November 2023. The successful breakout to the upside on November 1, 2023, led to the bull’s dominance of the market. With the price forming higher highs and higher lows, ENJUSD remained bullish for the rest of the year 2023. However, the bears returned for a short while as the year 2024 began.
 
The bounce off the $0.270 support on January 23, 2024, led to a massive surge into the premium zone. According to the RSI indication, the market stayed in an overbought state for a lengthy period. In an extremely overbought state, the bulls exited the market, thereby leading to a massive fall in the price of the Enjin Coin. The ongoing bearish trend is a result of the bulls’ exit at the extremely overbought state at $0.730 resistance. However, the bearish trend might end soon as the selling momentum wanes off after the third wave.

Market Expectation 

A market structure shift to the upside has occurred on the four-hour chart. After a tap into the liquidity void above the $0.380 price level, a retracement beyond $0.350 is probable. After which, a rally into the premium zone is expected.

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