The 10% fall in the ENJ coin price generates a descending triangle that warns of a fallout of $1.6. Will the bulls overcome such high selling pressure? The ENJ coin price action forms a descending triangle pattern with the recent bullish failure to surpass $2, resulting in a lower high formation. However, the bulls regain momentum as the price takes support near the $1.6 horizontal level. Will the Enjin coin price give a bullish breakout? Key technical points: The coin price fails to surpass the $2 mark. The market price is below the crucial daily EMAs (50,100, and 200). The 24-hour trading volume in the Enjin token is $221 Million, indicating a 7% rise. Past Performance of ENJ With the market leader Bitcoin falling almost 8% last day, the altcoins share the same fate resulting in an abrupt reversal of the bull cycle. However, the ENJ coin price finds support near the $1.6 mark after a 10% fall last day, resulting in a substantial bearish candle. Currently, the Enjin token exchanges hands at $1.78 with a rise of 7% in the trading volume, indicating a rise in selling pressure evident by a recent bear candle. Source-Tradingview ENJ Technical Analysis The ENJ coin price action forms a descending triangle pattern with the recent formation of a lower high formation. However, the support near the $1.6 results in a bullish retracement to the resistance trendline. The falling movement of the crucial 50,100, and 200-day EMAs maintain a...
