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Cryptoknowmics 2022-06-28 13:32:58

ENJ Technical Analysis: Breakout Rally Struggles To Take Off From $0.55

ENJ prices action shows the bullish breakout of the rounding breakout but the lack of buying pressure keeps the prices stuck at the neckline. Key technical points: The ENJ market price has increased by 47% over the past ten days. The price action shows a breakout rally struggling to find bullish momentum. The 24-hour trading volume of Enjin is $109 Million, indicating a drop of 25%. Past Performance of ENJ ENJ price action shows the bearish downfall of the $0.60 reaching the bottom support at $0.38 during the last supply dump in early June. However, the month-end shows a bullish turnaround as the price action shows a rounding bottom breakout. Moreover, the spike in trading volume on June 27th supports the idea of uptrend continuation. Source- Tradingview ENJ Technical Analysis The price action shows a successful post-retest reversal from the $0.50 mark resulting in a morning star pattern. However, the ENJ price remains stuck under $0.60 and the higher price rejections warn of a bearish setback. The DMI indicator displays the DI lines trying to sustain a positive alignment after the recent crossover. It is evident by the lines turning sideways turn resulting in a dramatic decline in the bullish spread. The RSI indicator indicates an improvement in the bullish sentiment as the slope restarts the positive trend after retesting the halfway line. Moreover, the rising trend in the 14-day SMA reflects a rise in the underlying bullish...

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