ENJUSD Price Analysis – September 27
The Cross of the price below the support level of $1.28 may decrease the price to $0.92 and $0.41 price level. Failure to cross below the $1.28 level may prolong the consolidation movement or increase the price towards $1.55, $2.17, and $2.78 resistance level.
Resistance levels: $1.55, $2.17, $2.78
Support levels: $1.28, 0.92 $0.41
ENJ/USD Long-term Trend: Bearish
ENJ/USD is bearish in the daily chart. The price action on the daily chart has formed a bearish chart pattern called “Triple Top” and this has made the price to decline towards the support level of $0.92. It made an attempt to push lower on September 21 but the Bulls opposed the bearish movement and the price retested $1.45 where it continues its consolidation till the moment of writing this report.
The price is trading below the two EMAs where the 9 periods EMA is below 21 periods EMA which indicates that the bears are still holding to the ENJ market. The Relative strength Index period 14 is bending down below the 40 levels displaying bearish direction indicate that piece may still fall. The Cross of the price below the support level of $1.28 may decrease the price to $0.92 and $0.41 price level. Failure to cross below the $1.28 level may prolong the consolidation movement or increase the price towards $1.55, $2.17, and $2.78 resistance level.
ENJ/USD Price Medium-term Trend: Bearish
The coin is bearish on the medium-term outlook. The price has been moving downward with the formation of more bearish candles after the formation of the Triple Top chart pattern at $2.17, which indicates that bears were in control of the price last week. Looking at the support levels of $1.24, the price is currently hovering within the boundaries of the mentioned support level. It would take a strong directional movement for the price to leave the boundaries. The current position of the Relative Strength Index suggests a continuation of bearish trend.
The 9-day EMA and the 21-day EMA are close to each other and the price is below the two EMAs which connote bearish movement in the ENJ market.