Market & Ticker: ENJIN– ENJ/USDT
Horizon / Timing: Tactical Mid-term / 1 to 3 months
ENJ is evolving within a downside consolidation pattern since the beginning of the year which could end soon regarding the test of the moving average and the RSI Indicator bac to 50% area. At the current level the recovery is not yet confirmed. However, considering the test of 0,2150 as a significant low associated to the test of the actual resistance, the configuration leans towards a direct bullish exit tentative.
At the current price the potential of ENJ Token stands at 0,3600 maximum. On the near to mid-term basis 0,2250 is acting as robust support to add in dip in the 0,25 area.
Technical Key Elements:
- Auto similar move potential shows target at 0,52
- RSI indicator is at 50%
- The Moving average are still resistance
- Fibonacci key support is adjusted at 0,2250 while the Elliot wave shows upside potential towards 0,2840 and 0,36 before 0,52
Trade Idea conclusion: Buy - Conviction:
Target 2: 0,52
Target 1: 0,36
Buy: add in dip area 0,25
Stop: 0,2250 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)