ENJ on daily time frame

2023年8月19日

This currency, like other digital currencies, has experienced a very severe decline with the market collapse.
In the daily time frame, the candles are moving in the form of a descending channel.
Of course, the intensity of the decline has decreased compared to the previous wave, but this currency is undergoing erosion correction.
As you can see in the picture, the midline of the descending channel is broken down, the supports of the 0.335 and 0.278 Fibonacci range and the support of the 33.42 range in Rsi have also been lost one after the other.
Now the price is around the $0.227 range, which is one of the good Fibonacci supports, which is a strong support.
But according to the downward trend, the downward channel and the loss of the midline of the channel, this support will probably be lost and the candles will reach the bottom of the channel in the range of 0.158 or 0.131 dollars.
In this case, we can hope for growth if the candles break the ceiling of the channel and the downward trend line in Rsi is broken.
If the upward trend is formed in such a way that the ceiling of the channel and the strong resistance range of 0.734 is broken up, or the downward trend accelerates in such a way that the bottom of the channel and the good support range of 0.11 is broken down, this analysis will also change. .

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