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Cryptocurrencies: 4547
Markets: 59685
Market Cap: $871,271,718,450     
24h Vol: $61,429,472,039
Cryptoknowmics 2022-01-22 10:30:38

ENJ Technical Analysis: Triangle Fallout Relays a Selling Race

The bearish breakout of the descending triangle fallout in the ENJ coin price drives the price lower, indicating a breakout of $1.50. The Enjin blockchain ecosystem is designed to provide software that allows anyone to build, trade, monetize and trade using blockchain. Enjin has its roots in the gaming industry with the first product of the company a gaming community platform dubbed the Enjin Network that grew into 20 million customers in the span of 10 years. Let us move ahead to read about Enjin’s technical analysis. Past Performance of ENJ ENJ coin price shows a fall of more than 30% in the last 72 hours, resulting in the fallout below the horizontal support level at $2. The fallout leads to the breakout of the descending triangle pattern mentioned in our previous article. Moreover, the 20% fall in the last 24 hours with a 40% jump in trading volume indicates a boom in selling pressure. ENJ/USD Daily Chart ENJ Technical Analysis The fallout below the horizontal support at $2, the ENJ coin price approaches the $1.5 level. However, the increasing selling pressure teases a fallout shortly that will generate a selling opportunity. The falling Crucial Exponential Moving Averages in the daily chart give a bearish crossover between the 50 and 100-day Averages. Furthermore, the coin price breaks below the 200-day EMA. The Momentum indicator shows the slope failing to sustain above the zero line mark in the daily chart. Currently, h...

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