Enjin Coin Price Faces Bearish Pressure as Bulls Struggle to Regain Momentum
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
ENJUSD Analysis – Enjin Coin Faces Bearish Pressure Amid Struggling Buyers
Enjin Coin price faces bearish pressure as bulls struggle to regain momentum. The cryptocurrency has been facing significant bearish pressure in recent weeks, as the buyers have been unable to maintain a strong bullish momentum. The price of Enjin Coin has been bowing to the bearish impulse, with the crypto buyers appearing to be out of order for days, resulting in a decline from the $0.1670 significant level.
ENJUSD Key Levels
Resistance Levels: $0.203800 $0.167700
Support Levels: $0.126600, $0.074200
The bulls have been on a reform, fighting against the bearish strength, but the Enjin price has felt the bearish pressure dipping from the first quarter of the year. In the middle of June, the sell traders breezed through the $0.20380 significant level, and the crypto market has been a turnover for both traders as sellers continue to draw lower.
The buyers played out strongly from the $0.126600 significant level, but they were eventually flushed out after trading to the $0.167700 price zone. Since last week, the market has made a U-turn, and the sellers are gaining ground.
The Parabolic SAR Stop and Reverse indicator has taken a bearish turn, indicating that the bears are currently dominating the market. The Momentum indicator has also witnessed a momentum drop in the market.
Market Expectation
The 4-hour chart continues with a momentum slide. The bears are still pulling in, trading back to the $0.126600 key level, and the Parabolic SAR is trending lower as buyers refuse to press the brake.
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
