Trade Recommendation: Enjin Coin

Enjin Coin (ENJ/BTC) may be correcting in the last month and a half, but that doesn’t mean that the market is bearish. The deep correction is warranted considering how Enjin Coin blasted off at the end of February 2019. In two weeks, it skyrocketed by over 567% from the low of 0.00000958 on February 25th to 0.00006391 on March 9th.

Recently, Enjin Coin has been generating signals indicating that the correction may be over. If our read is correct, this may be an opportunity that can help you generate sizeable profits in a short period of time.

Technical analysis shows that ENJ/BTC is respecting support of 0.000026. This view comes after the market refused to go below the support on April 11th. Now, 0.000026 is a key level for this coin. In January 2018, the price area kept bulls from reaching greater heights. The resistance was so strong that bulls’ failure to breach it started Enjin Coin’s bear market.

Over a year later, bulls have successfully flipped this resistance into support. We believe they’ll build a base around this level before resuming the uptrend.

The strategy is to buy as close to 0.000026 as possible. As long as bulls stay above this level, Enjin Coin will likely rally to our targets of 0.000035 and 0.000056.

The process may take less than a month.

Daily Chart of Enjin Coin/Bitcoin on Binance

As of this writing, the Enjin Coin/Bitcoin pair is trading at 0.00003164 on Binance.

Summary of Strategy

Buy: As close to 0.000026 as possible.

Targets: 0.000035 and 0.000056.

Stop: 0.0000247

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.