Enjin’s breakout hopes fade - What happens if ENJ loses $0.043?
Tech Enjins breakout hopes fade – What happens if ENJ loses $0.043? Enjin [ENJ] saw a sizeable short-term rally to get the week off to a good start. On the 18th and 19th of May, ENJ rallied by 27.5% at its peak, moving from $0.040 to $0.051. These short-term gains were not isolated. A month ago, the altcoin had rallied 450% within two weeks to set up a higher timeframe bullish bias. These gains occurred on the back of heavy spot trading volume and easily overcame nearby swing highs that were expected to serve as resistance. Source: ENJ/USDT on TradingView The internal structure of ENJ has not yet shifted bullishly. A move beyond the $0.0536 local high is needed to bring about such a change. The rally at the start of this week tried, and failed, to breach the $0.0517 resistance level. Is the Enjin retracement over?Source: ENJ/USDT on TradingView That depends on whether traders can read it as a structural break on the 4‑hour chart. Technically, it was a break, with a session close above the previous lower high. Yet, the volume trends during and after the move, combined with the large upside candlewick, indicated a swing failure pattern. At the time of writing, ENJ exhibited a