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Cryptoknowmics 2022-07-05 09:46:16

ENJ Technical Analysis: Triangle Pattern Holds The Upcoming Trend

ENJ price remains trapped under a symmetrical triangle pattern with the 50-day SMA acting as a dynamic resistance. Will buyers surpass the SMA? Key technical points: The ENJ market price action shows a symmetrical triangle pattern in the daily chart. The market price challenges the 50-day SMA. The 24-hour trading volume of Enjin is $104 Million, indicating a rise of 63%. Past Performance of ENJ The downfall under the influence of a highly bearish resistance trendline dropped the ENJ prices by 50% over the last month. Finally, the buyers overtook the train control at $0.40, forming a support landline. Hence the price action creates a symmetrical triangle pattern in the daily chart with the 50-day SMA moving along with the resistance trendline. Source- Tradingview ENJ Technical Analysis ENJ price Action showcases a bullish retracement within the symmetrical triangle and a rise in the trading volume. However, the higher price reaction in the daily candle opposes the bullish growth increasing the chances of a bearish fallout. The MACD indicator Showcases a bullish trend of the fast and slow lines avoiding multiple crossover events. Hence the indicator showcases a bullish trend in motion, increasing the likelihood of a bullish breakout. The RSI indicator Showcases surrounding reversal in the nearly oversold zone resulting in a jump over the 14-day average line and the halfway line. However, this line showcases a slight bearish dive...

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