The Enjin (ENJ) prices drop as the selling pressure grows, teasing a fall under the crucial support of $0.50. However, should you hope for a reversal? Key Technical Points: The ENJ prices dropped by 7.39% in the last 24 hours. The market value of Enjin retraces to the 50-day SMA. The 24-hour trading volume of Enjin is $74.82 million, indicating a drop of 12%. Past Performance of ENJ As mentioned in our previous analysis, Enjin (ENJ) breaks the bearish trend as the market price exceeds the resistance trendline and the 50-day SMA. However, the prices fail to sustain above the $0.58 support level and retrace 12% over the last week to retest the broken trendline. However, the declining trend in the intraday trading volume over the past supports the possibility of a bullish reversal from the resistance trendline. Source – Tradingview ENJ Technical Analysis As the Enjin (ENJ) price action shows higher price action in the daily candles, the possibility of prices crossing below the 50-day SMA increases. However, the weak bearish commitment depicted by the intraday trading volume supports the possibility of a post-retest reversal. The increase in underlying bearish sentiments is evident in the technical indicators in the daily chart. The RSI slope falls to the halfway line as it fails to sustain in the nearly overbought zone. However, the 14-day SMA supports the RSI slope and keeps the possibility of a reversal feasible. Moreover, the ...
