Enjin Coin (ENJUSD) Traders Struggle as Bulls and Bears Battle for Control
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ENJUSD Analysis – Sellers Seek Further Dip
Enjin traders struggle as bulls and bears battle for control. The market sentiment for Enjin is currently disturbed, with traders losing their pace. The buyers have been absent from the market, but their presence is currently hindering the progression of sellers. Throughout the week, bearish sentiment has prevailed, as sellers managed to pierce through in January after buyers reached a peak.
ENJUSD Key Levels
Resistance Levels: $0.43200, $0.34000
Support Levels: $0.28800, $0.20000
The bulls have been gradually building up their strength for quite some time. Starting from the $0.20000 price zone, buyers have been appreciating the price trend. Throughout last year, the bulls made significant efforts, pushing the price up to the $0.43200 level. However, from this key level, sell strength took over, leading to a sharp drop down to the current level.
The bears have managed to push the price close to the significant level of $0.28820. The sell traders have been struggling lately as they are running out of options. The sellers have drawn strength for a while, as indicated by the lower Money Flow Index. However, they are currently facing challenges and are out of luck. On the other hand, the buyers are resisting their strength to push the price lower.
Market Expectation
The lower chart reveals a pattern of price accumulation, suggesting a potential breakout in the days to come. Traders should anticipate a potential piercing through the significant zone of $0.2880 shortly.
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