Enjin Coin (ENJUSD) Slows Down The Bullish Wave
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ENJUSD Analysis – Buyers Face Resistance at the $0.55100 Key Level
ENJUSD slows down the bullish wave. The buyers, who have been making efforts to push the price higher, have faced resistance at the $0.5510 significant level. This setback has caused the buyers to slow down after three consecutive gains this week. Traders are now uncertain whether the price is yielding to the sell side or if the buyers are still in control.
ENJUSD Key Zones
Resistance Levels: $0.55100, $0.67450
Support Levels: $0.360460, $0.314800
Since March 11th, ENJUSD has witnessed a consistent drop from the $0.67450 key level. The buyers, who had been on the attack since last month, dropped out at this key level, allowing the sellers to take control. The bears dominated the market for a while until they were eventually swept out around the $0.43220 key level. However, in recent times, the buyers have only shown a slight recovery, and despite this movement, the sellers are willing to take over again.
The $0.55180 key level has proven to be a significant resistance point for the buyers. If they can manage to break through this level, it could potentially open up an opportunity for bullish expansion. Traders will closely monitor this level to determine the strength of the buyers and the likelihood of a sustained upward movement.
The RSI is currently showing intent as the signal lines oscillate around the middle level. This indicates that there is indecision in the market and that neither the buyers nor the sellers have a clear advantage at the moment. Traders will closely monitor the RSI for any signs of a breakout in either direction.
Market Expectation
Currently, the signal line is still trading above the bearish histogram, suggesting that there is hope for a potential resurrection of the buyers. Traders will pay close attention to the MACD to gauge any shifts in momentum. Key levels to watch include the $0.55180 level, which, if surpassed, could lead to a bullish expansion.
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