Hello everyone!
This is my fourth trade this week. I am going to analyse Enjin token and I will be doing Future Trading and will share all information about this token.
Introduction of the token and the exchange in which I am trading.
Enjin (ENJ) coin is based on Ethereum and It is ERC-20 token. ENJ token is used to buy and sell and trade NFTs. It is also used for gaming. It is a NFT coin and We all know that how popular is NFT nowadays.
There are many special items which are available on games and these can be buy through Enjin token. We can also use Enjin wallet to buy, sell and trade NFTs.
Players in various games buy special items by using Enjin token online.
We can buy, sell and trade Enjin token on many exchanges like Binance, Huobi, Coinbase, Kucoin and many more.
Why am I optimistic about this token today, and how long do I think it can rise?
I am optimistic about Enjin token as It is an Ethereum based token and It is an NFT. It has very useful usecases like Users can buy, sell and trade various NFTs using Enjin coin.
As we all know that how NFT market has performed in recent month and I believe It will perform good in future and hence, Enjin coin can also do good.
Let's talk about it's Statistics-
From the above image, According to Coinmarketcap, Enjin (ENJ) has a total of 1.18$ Billion market cap. It has a Circulating supply of 867 Million.
In recent month, It has touched an All time high of $4.84. It is currently ranked #69 on Coinmarketcap.
I have used Candlestick Chart Pattern for this trade. I am going to use two indicators in this trade which are Parabolic Sar Indicator and RSI Indicator.
First as always, I have marked some support and resistance levels on the chart and these levels are the key levels for predicting any reversals.
As you can see in the above image, Price has currently tested the Support level. So, First, I have applied Parabolic Sar Indicator and You can see that Dots of Sar are formed below the price which indicates that price is going to move upward.
After that, I have applied RSI Indicator and You can see that RSI is moving in upward direction from oversold region which confirms my entry point and Hence, I have opened a long position at that point.
Here are my trade details-
I have taken entry at price $1.348 with 4x leverage. You can see all trade details like Liquidation in below image.
I have also set my take profit level and stop loss level.
My Plan to hold it for a long time or When to Sell?
Well, I was holding some Enjin coins in my wallet earlier and I had sold all my ENJ coins after taking good profit. I am not willing to hold it for a very long time.
Instead, I will do scalp trade. I will take entry at dip and will book my profit at proper opportunities.
As in above trade, I have marked a take profit level and after it hit my take profit level, I will exit from this trade. It was a small time frame trade. Similarly, For higher time frame trade, I will set proper take profit level and stop loss level in my trade and will exit after the trade hit my any of the level.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
Well Yes, I can recommend it to everyone as It is a strong project and It has a potential to perform well in future. There are many reasons like It is a NFT and Enjin coin is used to buy special items in online games.
But You should also do your own research in every project in which you are willing to invest.
Other Information about the Token.
I will share social media handles of Enjin token where We can get access to it's latest updates.
Above is the twitter account of Enjin token where we can get access to it's latest tweets and replies.
You can check it's Official Site
Cc:-
@fredquantum
@kouba01