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Enjin coin (ENJ) has experienced a decrease of 5.70% in the last 24 hours. Despite this decline, the cryptocurrency is flat over the last 7 days.
At the time of writing, enjin coin is trading at $0.392134, with a trading volume of $52,913,581. Enjin coin has a circulating supply of 1 billion, resulting in a market capitalization of $392,440,057.
Enjin coin price chart March 16, 2023 | Source: Coingecko.com
On the daily chart, the market has bounced back from a low of $0.42 near the channel’s lower boundary. However, if the coin’s value drops below this barrier, it could result in a significant downtrend. ENJ has support levels at $0.30, $0.25, and $0.20, while resistance levels are at $0.55, $0.60, and $0.65, respectively.
ENJ/USD market price analysis: ENJ is dumping hard
The price of ENJ has been on a bearish movement after hitting a psychological resistance at $0.55. ENJ indicates a long bearish candle that lasted about 24 hours to bring the price to $0.38. This is after the ENJ rebounded at the support level at $0.35 and created a pin bar candle which indicates a reverse in the market price trend.
The ENJ price is also trading below the 50-day and 200-day moving averages, indicating that the bearish move is firmly in play. However, the market price on the daily chart is trading slightly below the 200-day moving average, indicating that the price is likely to break above the 200-day moving average.
Besides, ENJ’s price may experience more bullish trends after the bearish movement ends. This is indicated by the relative strength index (14), which is currently moving above the 40 level.
Should the price continue the downward trend, the support level at $0.35 might be the next target before the bulls take over the market, pushing the price to the previous resistance level at $0.55.