Violation of total control of sellers in the ENJ market has been a major achievement for buyers over the past few weeks. Violation does not mean a change of initiative. However, the first steps to weaken the trend of sellers were taken. From 14 March, on a weekly timeframe, buyers managed to form a three-week growth wave. In the weekly timeframe, this is not at all reminiscent of a strong trend, but rather a small rebound from the liquidity level of $1.25. The rebound was stopped by sellers near the local mark of $2. The trading volumes during the local rebound of ENJ price was ridiculous and did not predict the formation of a powerful growth wave. However, it is worth focusing on the events of the ENJ market on 4 April. https://www.tradingview.com/x/Xb4oTgT0/ As early as the third week, sellers are trying to put pressure on the price and continue the downward trend. Thus, the chart no longer has such aggressive weekly candles that were in January 2021. Although buyers have not shown enough initiative and strength, sellers are also not surprised by the power. Their three-week attack is as insignificant as the 14 March buyers’ attack. So in the ENJ market there are competitions on the insignificance of price movements. And such competitions in most cases lead to a reversal of the local trend. Given this fact, we expect a re-test of the $1.25 mark. At this point, investors will have a chance to buy ENJ with controlled risks. The...
