ENJ coin price floats above $1.5 with a bullish engulfing candlestick, but the returning sellers bring higher price rejection. Will sellers retake $1.5?

Key technical points:
<ul>
 	<li style="font-weight: 400">ENJ prices have increased by 3.65% in the past 24 hours.</li>
 	<li style="font-weight: 400">In addition, the price falls below the 50-day EMA.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Enjin is $346 Million, marking a 97% rise.</li>
</ul>
<h2>Past Performance of ENJ</h2>
ENJ coin price action shows a bullish recovery of 46%  within three weeks ranging from $1.28 to $1.85. The rally surpasses the 50 and 100-day EMA in the daily chart but fails to exceed the 200-day EMA. The sellers at the crucial EMA overtake trend control resulting in a downfall below all the EMAs and reaching the $1.5 mark. 

<img src="https://s3.tradingview.com/snapshots/z/ZZB10Mwg.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/ZZB10Mwg/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>ENJ Technical Analysis </h2>
ENJ coin price action shows a bullish fightback near the $1.5 mark resulting in a 6.77% engulfing candlestick. However, the daily candle shows a higher price rejection reflecting the increased chances of the $1.5 breakout.

The EMAs maintain a bearish alignment as the price fail to surpass the crucial EMAs and falls under them. Hence, the essential daily EMAs regain their resistance status.

RSI Indicator: The RSI slope showcased sustenance above the halfway mark with the support of the 14-day average. However, the sudden bearish spike cuts into the nearly oversold zone and reflects a boom in selling pressure.

MACD Indicator: The MACD and signal lines give a bearish crossover and start a negative trend to approach the zero line. Moreover, the fresh start on negative MACD histograms reflects the solid underlying bearishness.

In a nutshell, the ENJ technical analysis shows a surge in selling pressure, but the bullish fightback brings a strong reversal possibility.
<h2>Upcoming Trend </h2>
<a href="https://www.cryptoknowmics.com/news/enj-technical-analysis-rounding-bottom-pattern-leads-enj-price-to-2-16/">ENJ</a> coin price crossing below the $2.45 mark, generating a selling signal if the bears step in at the broken trendline retest. Hence, closing below $2.31 in the 4-hour timeframe can be a bearish entry spot.

Support Levels: $2.20 and $2

Resistance Levels: $2.45 and $2.60

ENJ Technical Analysis: Bulls Toil To Keep Prices Above $1.5

ENJ coin price floats above $1.5 with a bullish engulfing candlestick, but the returning sellers bring higher price rejection. Will sellers retake $1.5?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ENJ Technical Analysis: Bulls Toil To Keep Prices Above $1.5

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