ENJUSD Buyers Plan to End Their Bearish Stride

Market Analysis – Price Show Signs of Buyer’s Intervention

ENJUSD buyers plan to end their bearish stride with lower prices trading and threatening to retest the $0.22200 key support area. However, the recent market activity suggests that the buyers are stepping in to prevent a free fall and potentially initiate a reversal.

ENJUSD Key Levels

Resistance Levels: $0.54500, $0.48000
Support Levels: $0.40000, $022200

Over the past few weeks, the bears have been struggling to sustain their selling pressure, despite the evident sell-off. Close to the end of May, the buyers managed to push the price up to the $0.40000 key resistance area. However, they were unable to break through, leading to a lower market yield.

Early this month, the sell-side traders successfully breached the $0.33120 significant support area. A recent breakthrough has also been observed across the $0.26950 market zone. At the moment, the Enjin price is still facing bearish pressure, but the buyers are limiting their momentum. They are hoping to cause a reversal at the $0.22200 market zone.

The Moving Average (MA) crossing indicator is still spreading across the board. This gives the sellers an advantage over the bulls in the market. However, the Relative Strength Index (RSI) shows that the buyers’ intention to pull back into the market is gaining traction.

Market Expectation

The short-term timeframe also suggests the emergence of bullish signals as the buyers attempt to make a difference. To establish a strong reversal, the buyers will need to demonstrate solid resilience and push the price back above the crucial resistance levels. If they succeed in this endeavor, it could pave the way for a more sustained bullish trend in the ENJUSD market.

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