MEXCENJ Price Analysis: ENJ Is Poised For 15% Correction; Should You Buy?
Following the rising parallel channel pattern, the Enjin (ENJ) coin has risen 52% in the last four weeks. In theory, this bearish continuation pattern should resume the prevailing downtrend if the price breaks with the support and line. Will the upcoming pullback trigger this pattern?
Key points:
- The expected correction may drop ENJ prices by 15%.
- The 20-and-50-day are on the verge of a bullish crossover
- The intraday trading volume in ENJ price is $2544 Million, indicating a 40.6% loss.
Source- Tradingview
The ENJ/USDT technical chart represents the last four weeks of recovery within a rising parallel channel pattern. Furthermore, the altcoin has showcased sufficient retests to the pattern’s trendline, indicating the trading activities are responding to its levels.
However, the last bear cycle within the pattern turned around midway, as the crypto market reacted positively to the recent interest hike announced by the US Fed. Thus, the ENJ price reverted from the $0.52 support and surged 36% higher to retest the overhead trendline.
Over the past three days, the ENJ chart shows a long higher price rejection candle at the resistance trendline, indicating the traders are aggressively selling at this barrier. Thus, if this selling pressure persists, the altcoin may trigger another correction phase.
The potential pullback may plunge the altcoin 15-16.5% lower before hitting the bottom support.
However, under a strong bullish scenario, the buyers may give a daily candlestick closing above the mentioned trendline. This breakout would accelerate the bullish momentum.
Technical analysis
RSI indicator: The daily RSI slope failing to surpass its previous high like price action indicates weak bullish momentum. This bearish divergence bolsters the pullback theory.
Vortex indicator: The VI+ and VI- slopes nearing each other accentuate a rising selling pressure in the market. In addition, the potential bearish crossover among them will give additional confirmation for a price correction.
- Resistance levels- $0.71 and $0.75
- Support levels- $0.57 and $0.52
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