🐕Current Market Situation $ENJ $DOGS $NOT
ENJ (Enjin Coin) is showing significant volatility in the market while in a downtrend. The price is currently trading at around $0.1439, indicating a decline of 17.44% over the past month. This suggests that the asset is facing serious selling pressure, especially after attempting to recover.
On the monthly time frame chart, we can see that the price of ENJ is below all the key moving averages (MA) such as the 7-day moving average (MA 7) at $0.2921, the 25-day (MA 25) at $0.3320, and the 99-day (MA 99) at $0.6547. This confirms the strong bearish trend that has been going on for the past few months.
Technical Resistance and Support Levels
Support Level: The main support level for ENJ is currently around $0.1194. A break of this level could lead to further price decline to the next support level around $0.1000.
Resistance Level: The nearest resistance is located at $0.3161. A break above this level could push the price towards the next resistance at $0.4342.
Indicators and Their Meanings
Ichimoku indicator: The Ichimoku cloud also confirms the bearish trend. The price is below the cloud, and the Kijun (0.4342) and Tenkan (0.4020) lines intersect, which confirms the downtrend.
SAR (Parabolic SAR): The Parabolic SAR is reading $0.6547, which is significantly higher than the current price. This confirms the continued bearish sentiment in the market.
Bollinger Bands (BB): The current price is near the lower Bollinger band, indicating a possible oversold condition. However, with no signs of a reversal, this indicator indicates a continuation of the downtrend.
Prospects and Forecast 🐕
ENJ faces a number of challenges as it remains under pressure. If the $0.1194 support level holds, a short-term rebound to $0.3161 could be expected. A break of this level could signal the start of a new uptrend, which would push the price towards the next significant resistance around $0.4342, representing a potential upside of over 164% from current levels.
However, if the support at $0.1194 is broken, the price could fall lower, possibly to $0.1000 or even lower if the bearish sentiment persists.
Conclusion
The ENJ asset is in a difficult situation, facing strong bearish sentiment. Investors should be cautious and watch key support and resistance levels. Only clear reversal signals can indicate the beginning of a new growth. 🐕
Note: This analysis is for informational purposes only and does not constitute investment advice.
