ENJ prices experience a surge in buying pressure leading to a jump above $0.50 but higher price rejection warns of a downfall.
Key technical points:
ENJ market price has increased by 14.16% over the past 24 hours.
The price action shows the reversal rally surpassing the $0.50 mark.
The 24-hour trading volume of Enjin is $124 Million, indicating a hike of 87%.
Past Performance of ENJ
The ENJ price history has an upswing in bearishness in the last few months, spanning between mid-line and lower Bollinger band. The decline brought Sandbox prices to below the $0.50 mark. However, the upward turn from $0.38 this week brought the market value up by 35%. The reversal brings a retest of the $0.57 fallout, and displays the formation of a long wick on the candle of daily trade, warning of a possible bearish continuation. Source- Tradingview
ENJ Technical Analysis
As per the ENJ/USD daily chart, the reversal rally shows a rise in intraday trading volume representing increased bullish support. Hence, traders can expect a prolonged uptrend. MACD indicator: The bullish reversal erodes the bearish crossover, as the signal is fast and quick to regain the positive alignment, and then head towards that zero line. Therefore, the indicator predicts the possibility of a trend that is bullish. RSI Indicator: The RSI slope makes a sharp positive turn from the oversold zone following an ebullition breakout that reaches its 14-day SMA. Additionally, the RSI might soon exceed the halfway line, signaling an opportunity to buy. Bollinger Bands: The bullish Reversal reverses the trend within the Bollinger bands, as the lower and upper bands experience an opposite direction from the downward trend. Moreover, the reversal trend gets to the midline and is preparing for the move to the upper band in order to signal the beginning of a strong uptrend. In a nutshell, the ENJ technical analysis forecasts an uptrend continuation above the $0.50 mark.
ENJ prices show a reversal rally with increased volume support teasing a potential bull run above the $0.57 to reach $0.77. Resistance Levels: $0.57 and $0.77 Support Levels: $0.50 and $0.38