📈 Technical Analysis: Enjin ( $ENJ )
Market Capitalization: $74 million
The ENJ chart moves in an upward direction, forming characteristic "steps" – movement from level to level with corrections that turn into short sideways channels.
🟡 Currently, price is in a consolidation phase between key levels.
How to Trade❔
Range Boundary Trading:
💬 Sell on rejection from resistance level. Reversal candlestick configuration is mandatory (pin bar, engulfing, evening star).
💬 Place stop-loss beyond the resistance level.
Take-profit before support level.
💬 Buy on rejection from support level with confirmation from reversal candlestick pattern.
Risk/reward ratio at the moment of trade execution should be minimum 1:2, ideally 1:3.
Breakout Trading❕
💬 If the chart breaks one of the levels with increased volume – possible trade opening in breakout direction.
💬 Stop-loss beyond nearest local extreme (not beyond breakout level!).
💬 Take-profit before next significant levels.
Critically important: risk/reward ratio should either push you toward the trade or refuse it.
Risk Management❕
💬 Don't enter a trade if risk/reward ratio is less than 1:1.5.
💬 With rapid movement in your favor, move stop-loss to breakeven after passing 1.5-2 stop-losses.
💬 Sideways channels are traps for impatient traders. Wait for clear signals!
Conclusion:
ENJ demonstrates a classic stepped growth structure. Patience and discipline are more important than speed here – wait for confirmation from candlestick configurations and don't rush to enter in the middle of the range.
📈 Open trade with $ENJ
🔗 Chat • X • JioCoinsX