ENJ Long Term Trade Idea
(April 5 – 2022)
Enjin is one of the more interesting projects we have tracked over the past few years. Earliest adopters have made most excellent gains from penny level entry prices while adoption has accelerated much faster than expected.
Investors entering ENJ are making a bet on the original in-game currency aspect of this token, and the latest aspects of NFTs and Metaverse usage. This is a great way to gain exposure to multiple different sectors of crypto while holding a single asset. This is an Ethereum based token, but unlike its ERC-20 cousins, ENJ uses ERC-1155 which was implemented into ETH after submission from Enjin developers. It is much better suited to perform its required functions than ERC-20 tokens as demonstrated by its superior NFTs.
The weekly chart is showing many similarities to the Bitcoin chart before it reversed to the upside so we are issuing this trade alert today.
TradingView KuCoin ENJ/BTC weekly linear chart
ENJ/BTC weekly chart is showing improving technicals after a blue reversal candle, a confirmation reversal and TD long signal. In addition, we have a rising Squeeze Momentum along with MACD with Inverse Fisher rising in bullish direction.
Trade Idea: Enter ENJ/BTC for longer term trade. Exit 50% of position when it doubles, hold remaining for long term.
TradingView KuCoin ENJ/USDT weekly linear chart
ENJ/USTD is also showing improving technicals after a blue reversal candle, a confirmation reversal and TD long signal. In addition, we have a bottoming Squeeze Momentum, MACD is rising and Inverse Fisher is green in a bullish direction.
Trade Idea: Enter ENJ/USDT for longer term trade. Exit 50% of position when it doubles, hold remaining for long term.
This is a long term trade idea on a project with excellent fundamentals, adoption and usage. As usual, manage your risk and position size carefully and remember this is a long term bet.
Good Luck, Good Trading!