ENJ Technical Analysis: Should You Buy The $1 Fallout?

Time Stamp: March 4, 2022 6:00 AM
Source Node: 1197894

ENJ Technical Analysis

ENJ coin price action shows a trend reversal from the resistance trendline. Will the resurfacing sellers break below the $1 fallout? Key technical points: The ENJ coin price breaks below $1.5. The Stochastic RSI shows a bearish crossover The 24-hour trading volume in the Enjin token is $126 Million, indicating an 18% fall.  Past Performance of ENJ ENJ price continues the lower high formation under the highly bearish resistance trendline that influences the ongoing downtrend. The recent reversal from the confluence of the resistance trendline and the $1.6 barrier shows a downtrend continuation with multiple bearish candles. Thus, the falling prices indicate a rise in bearish momentum.  Source-Tradingview ENJ Technical Analysis  ENJ prices may shortly surpass the previous bullish candle and undermine the buyers at $1.35. However, the descending support trendline creates a wedge pattern that can result in a bullish reversal. The EMAs are crucial for the daily trading project to be in bearish alignment with a negative slope. Hence, the resistance trendline breakout will face multiple barriers in the form of 50, 100, and 200-day EMAs. The Stochastic RSI indicator shows an end to the bull cycle as the K and D lines give a bearish crossover near the overbought boundary. Hence, a downward continuation will increase the chances of a $1 fallout. The slope of the RSI indicator shows a sharp decline off the centerline as it gets closer to the average of 14 days. Thus, the indicator shows an abrupt drop in the underlying bullish trend and could indicate a reverse to $1.35. In a nutshell, ENJ technical analysis suggests a high possibility of a $1 fallout. Upcoming Trend ENJ coin price remains trapped in the wedge pattern as the trend approaches the support trendline. However, the increasing selling pressure warns of a bearish fallout that may fall into $1.  The $1 fallout will bring an excellent opportunity to buy the Enjin coin at such a high discount as the fundamentals of the Meta token are incredibly bullish. The potential bullish trend in the upcoming years is explained thoroughly in our Enjin Price Prediction.  Support Levels: $1.35 and $1 Resistance Levels: $1.65 and $2

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