Enjin Coin shows a slowdown in bullish momentum around the $1.94 level, which coincides with the MRI indicator’s breakout line. Although unlikely, a rejection at the recent all-time high could trigger a 35% correction to $1.06. A continuation of bullish momentum will occur if buyers push ENJ above $1.94 Enjin Coin price seems to have hit a brick wall and suggests depletion of bullish momentum. Now, ENJ is at an inflection point as both the buyers and sellers fight to take control. Enjin Coin at a make-or-break moment Enjin Coin price has risen 235% in the first week of March and more than 1,400% in year-to-date returns. After such a massive parabolic rally, ENJ seems to have run out of bullish momentum after hitting a new all-time high at $1.94. Interestingly, the $1.94 level coincides with the Momentum Reversal Indicator’s (MRI) “breakout line.” This blue solid line on the daily chart represents a strong uptrend seen so far. A decisive close above this level will see a continuation of the bull rally. However, a rejection here could result in a reversal of the trend to the immediate demand barriers. The daily candlesticks formed after getting rejected at MRI’s breakout line were correction candles and hints at a continuation of this pullback. ENJ/USDT 1-day chart According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, there are two stable demand barriers present below ENJ’s current price. The first support level that ENJ sellers will encounter is $1.63, where 2,300 addresses have purchased roughly 32 million ENJ tokens. If, for some reason, this barrier is breached, then Enjin Coin price will head to $1.49, where 32 addresses hold 45 million ENJ. Although unlikely, a massive spike in selling pressure could invalidate these barriers and drag Enjin price down to the 78.6% Fibonacci level at $1.06. Enjin IOMAP chart However, investors need to note that a resurgence in buying pressure leading to a daily candlestick close above the breakout line will trigger a FOMO among retail buyers. In this scenario, Enjin Coin price could quickly surge towards the 127.2% Fibonacci level at $4.2, mostly due to the presence of little-to-no resistance ahead. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/USD: Support from the 200-DMA at 1.1831 to hold for now – Credit Suisse FX Street 1 year Enjin Coin shows a slowdown in bullish momentum around the $1.94 level, which coincides with the MRI indicator's breakout line. Although unlikely, a rejection at the recent all-time high could trigger a 35% correction to $1.06. A continuation of bullish momentum will occur if buyers push ENJ above $1.94 Enjin Coin price seems to have hit a brick wall and suggests depletion of bullish momentum. Now, ENJ is at an inflection point as both the buyers and sellers fight to take control. Enjin Coin at a make-or-break moment Enjin Coin price has risen 235% in the first week of March… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.