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Cryptoknowmics 2022-07-11 12:41:25

ENJ Technical Analysis: Bears Exit Triangle To Challenge $0.40

ENJ price action showcases a bullish failure to surpass the resistance trendline teasing a potential reversal to the $1.50. Key technical points: ENJ prices have decreased by 8.31% in the last 24 hours. The price action shows a double top pattern at $0.57, with a neckline at $0.47. The 24-hour trading volume of Enjin is $67 Million, indicating a hike of 10%. Past Performance of ENJ As mentioned in a previous article, the ENJ price action shows a symmetrical triangle pattern in the daily chart. The recent rejection from the 50-day SMA results in a reversal from $0.57 to create a double top pattern and the triangle fallout. However, the neckline of the double top pattern at $0.47 remains a crucial support level, and the breakout will lead to the downfall to $0.40. Source- Tradingview ENJ Technical Analysis The ENJ price shows a falling trend in the trading volume during the bull cycle to the opposing SMA representing a weakness in the underlying bullishness. Hence if we see a rise in trading volumes during the $0.47 breakout, traders can expect a high momentum correction phase, potentially breaking under $0.40. The vertex indicator shows the VI lines giving a bearish crossover indicating a trend reversal in the technical chat. Therefore, the technical indicator supports the idea of a double-top formation leading to a bearish phase. The stochastic RSI indicator shows the K and D lines failing to sustain in the overbought territor...

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