ENJ coin price experienced an increase in selling pressure near the 200-day EMA. Will the downtrend reach the $1.30 mark?

Key technical points:
<ul>
 	<li style="font-weight: 400">The ENJ buyers lost the $1 support</li>
 	<li style="font-weight: 400">The 20-and-50-day EMA is nearing a negative crossover</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Enjin is $167.5 Million, marking an 88.9% rise.</li>
</ul>
<h2>Past Performance of ENJ</h2>
ENJ coin prices showcased a phenomenal bullish reversal rally from the $1.30 mark resulting in the long-coming resistance trendline breakout. Finally, the prices surpass the $1.50 mark to breach the psychological barrier of $2. However, the increased profit booking induced a higher supply inflow, resulting in the broken trendline retest.

<img src="https://s3.tradingview.com/snapshots/u/u4pCGz8I.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/u4pCGz8I/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>ENJ Technical Analysis </h2>
ENJ coin price action shows the bullish failure to surpass the resistance confluence of the $2 mark and the 200-day EMA. The second retest of the broken trendline comes at the crucial level of $1.50.

The bearish trend of the 50, 100, and 200-day EMA signals a solid bearish influence on the Enjin price trend. Moreover, the recent fallout of the 50-day EMA increased the chances of a bearish trend continuation.

RSI Indicator: The RSI slope slips back under the halfway mark undermining the recent surge in underlying bullishness. Hence, the indicator reflects a bearish power regaining trend control.

MACD Indicator: The increased selling pressure intensifies the bearish histograms and avoids a couple of bullish crossovers. Hence, the downtrend in the MACD and signal lines continues and forecasts a fall in market price.

In a nutshell, the ENJ technical analysis highlights the possibility of price succumbing under the broken trendline.
<h2>Upcoming Trend </h2>
<a href="https://www.cryptoknowmics.com/news/enj-technical-analysis-bulls-toil-to-keep-prices-above-1-5/">ENJ</a> coin price retests the $1.50 mark for the second time with a higher likelihood of price crossing below the broken resistance trendline. Hence, closing below the $1.45 mark can result in a fall to the $1.30 mark.

Support Levels: $1.30 and $1.45

Resistance Levels: $1.80 and $2

ENJ Technical Analysis: Second Retest Brings Back Bearishness

ENJ coin price experienced an increase in selling pressure near the 200-day EMA. Will the downtrend reach the $1.30 mark?

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: Second Retest Brings Back Bearishness

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