- Enjin price trading at crucial levels, bulls having a test of their strength.
- Bears might cherish in the short run, if the price fails to break resistance levels indicated by the Fibonacci.
- ENJ/BTC is trading at 0.00002719 BTC with an intraday change of +0.04% while ENJ/ETH is trading at 0.0004327 ETH with an intraday change of -1.79%.
Enjin coin is currently trading below all the significant 50, 100 and 200 day moving averages which is a sign favouring the bears. The price earlier failed to break the 50 day moving average which acted as resistance and now most recently breached the 100 day moving average which acted as support. The bulls here are seemingly losing their grip and if the price continues to stay below all the mentioned moving averages, we might see ENJ fall further in the near future.
The relative strength index(RSI) is also suggesting a bearish momentum with the RSI line sliding below the normal zone. We may witness more selling activity if the RSI line does not recover.
The moving average convergence divergence (MACD) is suggesting a mixed reaction with the histogram creating green bars but the signal line is seen making a curve downwards. If the histogram starts printing red bars, we will see bigger selling activity thereby leading the price of Enjin downwards.
The fibonacci indicator is suggesting an immediate support at the $1.425 price level. If the price fails to hold this level, $1.239 and $0.938 levels will come to play. The resistance levels indicated by the fibonacci are $1.576, $1.726, $1.940 price levels.
NOTE: The moving average 50, 100 and 200 are in colour Yellow, White and Red.
The MACD line is coloured Blue and the Signal line is coloured Red.
The important support and resistance levels to keep an eye on are:
SUPPORT: $1.425, $1.239, $0.938
RESISTANCE: $1.576, $1.726, $1.940
TAKEAWAY: From the technical point of view, currently the buyers are in a test of their strength against the bears. If the price fails to hold the support level mentioned by the Fibonacci, Enjin Price might fall in the near future.