ENJ Price Analysis: ENJ Price Trading Under Extreme Volatility?

• ENJ price is making a bearish correction.
• The current price of ENJ price is $ 0.3862 with a change in the 24-hour trading volume of -8.39%

ENJ price is currently taking a bearish correction. Enjin’s price has been trading under a strong bull trend since early January. After taking support from $0.2500, Enjin price made a bullish candlestick pattern of three white soldiers and made a bull run of more than 95 percent showing aggressive support of the buyers while the price action was trading in the Greed zone. Although after taking a small rejection from the price of $0.4500, the price took a bearish correction.

ENJ Price Taking Bearish Correction (Daily Timeframe)

Overall market sentiment is in the Greed zone with around 64 points; seeing an increase of 3 points in the last couple of days where the market was trading around 61 points, according to the Greed and Fear Index provided by the Alternative(dot)me site.

Technical Analysis (1-Day Timeframe )

The making of a downward curve in the price action is suggesting that the price may take a bearish correction in the coming days. If the price continues to make a bearish candle it might take a fall of more than 14 percent crossing below its support level around the price of $0.3500 while its resistance level is $0.4200 price above the 100 EMA.

The RSI line is currently taking resistance from the median line while the 14 SMA is trading just below it. The current RSI value is 44.98 points, just below the 14 SMA which is at 45.16 points.

Conclusion

As of now, after taking a sharp downfall of 38 percent from the price of $0.5500 near the 200-day EMA, ENJ price made a bullish rally of 25 percent taking support from the price level $0.4500. Enjin price is taking a rejection while the 100-day EMA is also trading just above the price providing resistance to it.

Technical levels –

Support – $0.3500

Resistance –  $0.4200 

Disclaimer

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

Source: https://www.thecoinrepublic.com/2023/03/25/enj-price-analysis-enj-price-trading-under-extreme-volatility/

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