Enjin Coin (ENJUSD) nears breakout point with bearish momentum. ENJUSD has been locked in a consolidation phase that seems to be nearing its end. The bulls, who once pushed valiantly for higher ground, appear to have ceded control on the daily chart. We can see the sellers gradually finding their footing to make a significant move.
Resistance Zones: $0.52100, $0.28700
Support Zones: $0.24500, $0.21700
This market has been characterized by a prolonged struggle. The price action has been confined between the $0.24500 and $0.21700 key levels since mid-August. However, the stage seems set for a potential breakout to the downside. The Bollinger Band indicator suggests an impending expansion. It indicates a release from this prolonged consolidation.
The sellers, though somewhat sluggish in their approach, have initiated a break below the critical $0.21700 level. This could potentially lead to an increase in bearish momentum, potentially driving the price lower. The sellers are certainly gearing up for a more active role in the market. The bears are beginning to exert pressure as they seek to establish dominance.
Turning our attention to the 4-hour chart, it becomes evident that the sellers are currently asserting their dominance. This situation underscores the presence of bears in the cryptomarket. It emphasizes the need for buy-side traders to reinforce their positions to counter the downward pressure.
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