ENJ Technical Analysis: Death Cross Brings Bearish Reversal

The ENJ coin price breaks below the $2 mark indicating a potential bearish reversal with increased trend momentum. Will the downfall reach $1.5? Enjin is a program that lets developers to manage and create virtual goods and services on Ethereum blockchain. In pursuit of this, it has released software development kits that allow users to create digital assets using Ethereum and incorporate these into games and apps. ENJ allows developers to create objects for games via the Enjin platform. Let us move ahead to read about Enjin technical analysis. Past Performance of ENJ ENJ token price fails to overcome the selling pressure of the 200-day EMA at $2.15, resulting in a downfall of more than 15% in the past 48 hours. Moreover, the death cross increases the selling pressure. Therefore, the free fall may soon test the horizontal level at $1.5. ENJ/USD Daily Chart ENJ Technical Analysis The ENJ coin price shows an increased selling pressure as the price breaks below the $2 mark. Hence, with the sellers gaining trend control, traders can find selling opportunities shortly. The Vortex indicator shows a potential trend reversal with the free fall in the ENJ coin prices as the VI lines approach each other to give a bearish crossover. Hence, the indicator indicates a downfall to the $1.5 mark. The RSI indicator shows a rise in the underlying selling pressure as the price falls 10% in the past 24 hours. Moreover, the slope crosses below the 14-day SMA and the 50% mark indicating a bearish continuation.  The Exponential Moving Average shows a death cross in the daily chart idnicating a rise in bearish powers. Moreover, the falling 100-day EMA may shortly give a crossover with the 200-day average.  In short, the increasing selling pressure overtakes the trend control and indicates high likelihood of bearish continuation in ENJ coin price. Upcoming Trend The ENJ coin price breaks below the $2 mark as the sellers regain momentum with the recent death cross. Therefore, the upcoming trend seems to be incredibly bearish.  Traders can find selling opportunities at current prices with a target of $1.50 and a stop loss above the $2 mark.

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