Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
Enjin Coin has been bullish for the latter half of March, however the latest sell-off noticed a deep retracement. Can ENJ get well? The decrease timeframe charts corresponding to 1-hour offered a bearish image. The value has damaged under the $1.7 mark, and up forward is a heavy band of resistance from $1.75 to $1.86. Data from Messari confirmed that buying and selling quantity was not very excessive when the worth dropped towards $1.5, nevertheless, the next bounce previously couple of days has seen very excessive buying and selling quantity.
ENJ- 1 Hour Chart
![- Crypto and Coin Enjin Coin need to flip this area to demand before bulls can push higher](https://files.ambcrypto.com/wp-content/uploads/2022/04/09151948/PP-2-ENJ-price.png)
Supply: ENJ/USDT on TradingView
The uptick in buying and selling quantity may very well be consultant of market individuals shopping for the dip. However why are they shopping for the dip? On the hourly chart, the market construction had been bearish previously couple of days. This modified when ENJ pushed previous $1.69 and was additionally in a position to briefly poke its nostril above the $1.75 resistance degree.
Larger timeframes confirmed that ENJ leaned bullish in early March when it broke the prior downtrend’s decrease excessive at $1.53. Previously couple of days, this space has seen robust demand arrive. Furthermore, the Fibonacci retracement ranges (yellow) plotted had been based mostly on ENJ’s transfer up from $1.27 to $1.97, and the worth did see some demand on the 61.8% retracement degree at $1.54 in addition to the assist degree at $1.47.
Simply above $1.75, the pink field from $1.75-$1.85 is a robust resistance zone, with $1.75-$1.8, specifically, being a bearish order block.
Rationale
![- Crypto and Coin Enjin Coin need to flip this area to demand before bulls can push higher](https://files.ambcrypto.com/wp-content/uploads/2022/04/09151942/PP-2-ENJ-indicators.jpg)
Supply: ENJ/USDT on TradingView
The RSI climbed above impartial 50 previously few days, whereas the Superior Oscillator additionally remained above the zero line for the previous couple of days. This prompt that momentum leaned towards the bulls, but it surely was not but strongly bullish.
The CVD has additionally been inexperienced in the identical time interval to point out shopping for strain behind the rally.
Conclusion
There was robust resistance simply above $1.75 for Enjin Coin bulls to beat. The momentum was bullish and there was some regular demand behind the rally. Warning was advisable, as a transfer previous $1.75 and its retest as demand may very well be a much less dangerous shopping for alternative than shopping for it beneath the $1.75 resistance.