ENJ Technical Analysis: $1.50 Barrier Crushes Bullish Breakout

ENJ coin price finds a boom in buying pressure but struggles to surpass the 50-day EMA and warns of a trend reversal. Will buyers continue the rally? Key technical points: ENJ coin price fails to surpass the $1.5 mark. In addition, the RSI slope retraces within the 50% mark. Finally, the 24-hour trading volume of Enjin is $121 Million, marking a 20% fall. Past Performance of ENJ ENJ coin price breaks above the long-coming resistance trendline with the demand surge at the $1.30 mark. The trendline had pushed multiple bullish attempts and resulted in the lower high formation. The breakout creates a bottom and hints of a potential end to the more deficient low creation. The rally jumped 15% to the 50-day EMA, but the exhausted bulls failed to withstand the selling pressure. Source-Tradingview ENJ Technical Analysis ENJ coin price shows an overnight 5% retracement from the psychological barrier at $1.50, resulting in a possible retest of the trendline breakout. However, the increased intensity questions the successful post-retest reversal possibility. The crucial EMAs (50, 100, and 200) have achieved bearish alignment with the recent 100 and 200-day EMA gaining bearish spread after the crossover. Moreover, 50-day EMA has provided a constant barrier to keep the bulls under control. Therefore, the 50-day EMA breakout is a must for trend reversal. RSI Indicator: Despite the sudden surge in buying pressure observed last week, the RSI ...