<em><strong>The Enjin (ENJ) prices drop as the selling pressure grows, teasing a fall under the crucial support of $0.50. However, should you hope for a reversal?</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The ENJ prices dropped by 7.39% in the last 24 hours.</li>
 	<li>The market value of Enjin retraces to the 50-day SMA.</li>
 	<li>The 24-hour trading volume of Enjin is $74.82 million, indicating a drop of 12%.</li>
</ul>
<h3>Past Performance of ENJ</h3>
As mentioned in our <a href="https://www.cryptoknowmics.com/news/enj-technical-analysis-will-increased-demand-break-bearish-trend" target="_blank" rel="noopener">previous analysis</a>, Enjin (ENJ) breaks the bearish trend as the market price exceeds the resistance trendline and the 50-day SMA. However, the prices fail to sustain above the $0.58 support level and retrace 12% over the last week to retest the broken trendline. However, the declining trend in the intraday trading volume over the past supports the possibility of a bullish reversal from the resistance trendline.

<img src="https://s3.tradingview.com/snapshots/x/XLSOGxK2.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/XLSOGxK2/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>ENJ Technical Analysis</h2>
As the Enjin (ENJ) price action shows higher price action in the daily candles, the possibility of prices crossing below the 50-day SMA increases. However, the weak bearish commitment depicted by the intraday trading volume supports the possibility of a post-retest reversal.

The increase in underlying bearish sentiments is evident in the technical indicators in the daily chart.

The RSI slope falls to the halfway line as it fails to sustain in the nearly overbought zone. However, the 14-day SMA supports the RSI slope and keeps the possibility of a reversal feasible.

Moreover, the MACD indicator showcases a declining trend in the buying pressure as the MACD histograms lose intensity. And due to this, the MACD and signal lines prepare for a bearish crossover.

Hence, the momentum indicators project a high possibility of a downtrend continuation under the 50-day SMA.

In a nutshell, the ENJ technical analysis displays the technical indicators and price action analysis under the bearish influence.
<h2>Upcoming Trend</h2>
If the Enjin (ENJ) price fails to sustain above the 50-day SMA, a selling spree will break the $0.50 psychological mark. Traders can expect the fallout rally to reach the $0.45 support level.

Optimistically, the post-retest reversal can nullify the bearish planning and reclaim the $0.60 value to reach the overhead resistance at $0.77.

Resistance Levels: $0.60 and $0.77

Support Levels: $0.50 and $0.45

ENJ Technical Analysis: Will Buyers Hold The Fort At $0.50?

According to the Enjin Technical Analysis, ENJ prices drop as the selling pressure grows, teasing a fall under the crucial support of $0.50.

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: Will Buyers Hold The Fort At $0.50?

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