Will the ENJ Price take a Rebound?

ENJ’s price is currently trading near its previous support level. The price is trading under all the major key averages hence its major trend is bearish. The bulls have been making persistent efforts for the last few weeks to cross above their critical resistance level, though the past attempts have been futile against the strong presence of sellers in the price action.

The majority of the technical indicators are favoring the bears, the oscillators indicate that the price can make a bullish recovery. The present value of ENJ is $0.34, with a market cap of $342.16M

Social Engagement and Bearish Sentiment of ENJ Token

The investor’s sentiments are bowing toward the bear’s favor. It is currently observing a surge of 13.88% within the last week. A sharp decline is also seen in the Total social engagement level of 41% according to the LunarCrush. These metrics suggest that the sellers are prominent in the market which is also reflected in the price

Technical Analysis (1-Day Timeframe )

The making of a doji and a spinning top candle is suggesting that there is exhaustion in the market. This development indicates a bullish attempt is possible if the price gains buyers’ support at the current level.

 If the price takes support from $0.3000 it can make a bullish rally of 20% within the next few weeks. Its resistance level is $0.4000 price near the 100 EMA.

The RSI line is trading within a downtrend it is taking a reversal from 14 SMA. The value of the RSI line at present is 33.59 points; 14 SMA is providing resistance to the RSI line at 39.26 points. As the RSI line is trading near oversold levels near its previous support level it can take a rebound from 30 RSI points.

The current value of Stochastic RSI is 14.16 points. Stochastic trading below the oversold level at present where the %K line has crossed above the %D line on the daily timeframe. It is expected to see a further increase in the value if the price takes a reversal.

Conclusion

The ENJ price will require strong buyer support to recover its value from current levels in the near future. According to historical price action, the ENJ token has been respecting its current support level hence a change in sentiments is probable. Though the price has significant resistance levels in the form of 100 and 200 EMA which may prove to be difficult to breach.

Technical levels –

Support – $0.3000

Resistance –  $0.4000 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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