Trade Recommendation: Enjin Coin

The Enjin Coin/Bitcoin pair (ENJ/BTC) started its uptrend on December 16, 2017 when it breached resistance of 0.000004. The price action attracted breakout players who gathered sufficient momentum to push the price to as high as 0.0000344 on January 12, 2018. In less than a month, the market rose by an astounding 760%! Those who bought the breakout were ecstatic to take profits.

With sellers in the driver’s seat, ENJ/BTC dipped to 0.0000135 on January 16. Even though bottom pickers inspired a rally, they were only able to generate a lower high of 0.00002884 on January 26. This was a strong indication that bulls were exhausted. The market responded by creating a series of lower highs and lower lows until recent events.

Technical analysis show that Enjin Coin/Bitcoin has most likely bottomed out at 0.00000972 on March 19. From that point, the market has been rallying. It even went as high as 0.0000167 today, March 25. It is also important to note that ENJ/BTC has been printing extremely high volume since it found the bottom. This tells us that bulls are accumulating positions at this price level.

The strategy is to buy as close to 0.000014 support as possible. If the market stays above this level, it will likely gather sufficient momentum to climb to our target of 0.000022. 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 0.00001563 on Binance.

Summary of Strategy

Buy: As close to 0.000014 as possible.

Target: 0.000022

Stop:  0.0000125

 

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.