Even though there is no real lack of positive cryptocurrency momentum, it seems some markets are turning very bearish all of a sudden. One noteworthy example is the Enjin Coin price, which seemingly cannot catch a break. A rough Sunday lies ahead for this market, although the current momentum is not definitive by any means.
Enjin Coin Price Gets Battered
When the individual cryptocurrency markets start to move in opposite directions, there is a lot of money to be made or lost in quick succession. As long as Bitcoin remains in the green, the rest of the markets should, under normal circumstances, stay in the green as well. During the weekend, that natural order has proven very difficult to maintain for reasons unknown.
As far as the Enjin Coin price is concerned, it would appear the momentum is bearish first and foremost. This is not what traders and holders are looking for, although this decline is not entirely surprising either at this time. ENJ Has had a good run in recent weeks, yet it seems the correction is finally kicking in. Every market needs a good reset now and then. this 5.5% downturn brings the value to just below $0.15, which won’t please too many people.
In terms of overall trading volume, Enjin Coin performs as one would come to expect from a Saturday, There is a notable decrease in volume, albeit not necessarily a worrisome one. Binance remains the biggest market, although some interesting action is happening on Upbit and Bithumb as well. For now, no further price decline is expected.
On social media, the opinions regarding ENJ are a bit all over the place. Charles Russell expects this altcoin to be “ripe for bagging” again, which would usually indicate an accumulation period has presented itself. Only time will tell if that is effectively the case, as this dip doesn’t make the market look too appealing to traders and speculators.
— Charles Russell (@loudbinary) March 29, 2019
For those who want to look at the ENJ chart, things are not looking too great by any means. As the initial support level was broken with relative ease, the coming hours may prove crucial in terms of finding the actual bottom. If that process fails, this market can see further losses pile up in the coming 24-36 hours.
— Your conscience. (@Yourshouldertal) March 30, 2019
Although Enjin Coin looks a lot more bearish than one would come to expect, this correction is long overdue. It may not necessarily grow much steeper than this, although there is still a lot of pressure on ENJ which will not disappear all of a sudden. Sustaining the $0.149 level will be extremely challenging, but far from impossible.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.