ENJ Price Analysis: Enjin Coin Price stares into the abyss

•ENJ/USD is currently priced at $1.38 and has decreased by 8.02% over the past day 

•The technical indicators suggest a bearish outlook for the near term 

•The trading volumes have increased by an impressive 86.83% over the past day 

Short Term View: Enjin Coin falls amid a lack of buying pressure 

The Enjin Coin price today is $1.38 USD with a 24-hour trading volume of $130,168,062 USD. Enjin Coin is down 8.02% in the last 24 hours. The trading volumes have increased manifolds over the past day, suggesting increased selling pressure at the current price levels. The Volume to Market Cap Ratio stands at 0.1077, reflecting the weak sentiment prevailing in the market. 

Enjin Coin prices are still in a downtrend as they have not been able to break past the $1.90 resistance in the last few days. The next key support for the altcoin is at $1.12, which could be tested in the near future if the bears maintain control of the market. The altcoin is currently transacting below the 20,50 SMA on the four hour chart which may act as strong resistance for the bulls to overcome in the future. The asset is trading significantly below it’s all time high of $4.85 which it scaled on Nov 25, 2021 as Enjin finds itself in the midst of a downtrend. 

Long Term View for Enjin Coin 

The technical indicators for Enjin reflect a jump in underlying bearishness .The MACD indicator shows a rise in bearishness as the MACD and signal lines are transacting below the zero mark. Moreover, the rising trend of bearish histograms indicates a growing downtrend. The RSI indicator is currently transacting at 38.08 and shows a growth in the underlying bearishness as the slope tumbles below the 14-day average and the 50% line.

Conclusion 

The Enjin price analysis reinforces bearish dominance while showing little to no bullish pressure across the mid-term charts. Hence the prices are likely to fall in the coming days.

Support: $1.12

Resistance: $1.90

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.