ENJ Technical Analysis: ENJ Buyers Enjoyed Too Soon!

The ENJ price trend drops back to the $0.48 support zone from the 50-day EMA, reflecting an increased bearish influence over the consolidation range. The ENJ price action displays a falling trend from the 50-day EMA, leading to a drop to the 23.60% Fibonacci level at the $0.48 support zone. Furthermore, the recent bear cycle shows a lateral shift at the horizontal zone after the 8.95% drop on the 13th of September. So, will the buyers manage to propel the prices higher back with the consolidation range? Key Points: The Enjin prices struggle to sustain above the $0.48 zone. The increased selling pressure warns of a fallout. The intraday trading volume in Enjin is $41.05 million. Source – TradingView ENJ Technical Analysis The ENJ price displays a bullish failure to exceed the $0.70 resistance zone leading to a 32% drop to the $0.48 support zone. However, the buyers successfully cushioned the downtrend into a consolidation range with the overhead resistance at $0.57. The price action displays an increase in trend momentum during the recent bear cycle teasing a downtrend below the crucial support of $0.48. Currently, the buyers contain the selling pressure with a lateral shift at $0.48 and attempt to reclaim the $0.50 fort. However, increasing selling pressure will drop the ENJ prices below the demand zone and unleash the trapped bearish momentum. As a result, the sideline traders can expect the fallout rally to reach the $0.37 s...