Enjin (ENJ/USDT) Downtrend Emerges after a Double Top Pattern
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ENJ/USD Price Analysis: Breakdown Below Double Top Neckline Triggering a Downtrend
ENJ/USD broke below the double-top neckline at $0.0660 with strong momentum, then retested the level before making an impulsive move to the downside. Triggering a downtrend that begins on October
ENJ/USD Key Levels:
Support Levels: $0.0270, $0.0250
Resistance Levels: $0.0360, $0.0660
On the daily timeframe, price around $0.0270 shows a weakening downtrend with short-term consolidation. Bulls attempted an upside breakout but were rejected by bears near $0.0360. Candles forming around the Bollinger Band midline further confirm fading momentum from the prior trend.
On the daily timeframe, the Relative Strength Index (RSI) indicates the price is in the oversold zone, signaling a potential uptrend. The market touching the lower Bollinger Band suggests a possible uptrend and a likely breakout of the trendline and $0.0360 supply zone.
Market Expectation
On the 4-hour timeframe, the price action from January 5 to January 25 shows a visible confluence zone and a liquidity sweep rather than a continuation of the downtrend. Another ranging market occurred from January 25 to January 28. Two confluence points in the trend signal that a breakout may happen soon.
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