ENJ Technical Analysis: Second Retest Brings Back Bearishness

ENJ coin price experienced an increase in selling pressure near the 200-day EMA. Will the downtrend reach the $1.30 mark? Key technical points: The ENJ buyers lost the $1 support The 20-and-50-day EMA is nearing a negative crossover Finally, the 24-hour trading volume of Enjin is $167.5 Million, marking an 88.9% rise. Past Performance of ENJ ENJ coin prices showcased a phenomenal bullish reversal rally from the $1.30 mark resulting in the long-coming resistance trendline breakout. Finally, the prices surpass the $1.50 mark to breach the psychological barrier of $2. However, the increased profit booking induced a higher supply inflow, resulting in the broken trendline retest. Source-Tradingview ENJ Technical Analysis ENJ coin price action shows the bullish failure to surpass the resistance confluence of the $2 mark and the 200-day EMA. The second retest of the broken trendline comes at the crucial level of $1.50. The bearish trend of the 50, 100, and 200-day EMA signals a solid bearish influence on the Enjin price trend. Moreover, the recent fallout of the 50-day EMA increased the chances of a bearish trend continuation. RSI Indicator: The RSI slope slips back under the halfway mark undermining the recent surge in underlying bullishness. Hence, the indicator reflects a bearish power regaining trend control. MACD Indicator: The increased selling pressure intensifies the bearish histograms and avoids a couple of bullish crossover...