ENJ Technical Analysis: Intense Selling Warns $1 Fallout

ENJ coin price shows a falling trend within a bearish pattern, breaking below the $1.30 support level and warns of a fall to the $1 psychological level. Key technical points: ENJ prices crack below the $1.30 mark The price action shows a falling wedge in action. The 24-hour trading volume of Enjin is $126.69 Million, marking a 40% rise. Past Performance of ENJ ENJ prices break above the long-coming resistance trendline on 26th March, resulting in a 15% jump to the 200-day EMA close to $2. However, due to the high selling pressure near the psychological mark, a reversal undermined the breakout rally. The reversal rally reaches the $1 mark and breaks below the 50-day EMA. Source-Tradingview ENJ Technical Analysis ENJ prices create a falling wedge pattern accounting for a downfall of 30% in the last three weeks. Moreover, the recent fall tests the descending support trendline, warning of a potential fallout if the selling pressure increases. The crucial daily EMAs maintain a bearish alignment to project a solid downtrend in action and warns of a downtrend continuation. MACD Indicator: The MACD and slow lines break into the negative territory while maintaining a bearish alignment. Hence, the bearish trend increases the negative histograms intensity and signals a selling opportunity. RSI Indicator: The RSI values continue to fall under the 14-day SMA influence and approach the oversold boundary. Hence, the indicator shows a solid b...