ENJ/USDT Sell | S6t4 - Homework post for pelon53.
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Hello crypto enthusiasts, this is a new week of the crypto academy contest, we are being required to analyze a token and carry out a real trade using the analysis we have gotten from the previous classes, I will be analyzing the ENJIN coin.
For week 4, I will be joining the trading contest team of professor @pelon53 on Team Investors, here is my contest entry.
The coin I will be analyzing today is known as the ENJIN coin.
ENJIN coin is the native currency of the ENJIN gaming platform, ENJIN platform is an Ethereum based blockchain that uses its gaming platform to create NFTS, the platform has the utility of play to earn where users who play on the platform earn coins in returns as rewards.
The ENJIN platform has a marketplace where you can create NFTs of video games and mint it on the platform to be auctioned on the marketplace, the projects provide interconnections of an ecosystem, a platform where users can create war clans, chats, and others.
The ENJOIN coin is used to purchase assets on the ENJIN platform, when an NFT is to be minted, users burn the Enjin coin, and as well when trading they sold at the Enjin coin worth, the ENJIN platform was created in 2018 on the Ethereum mainnet.
ENJIN coin can be traded on most exchanges, Top exchanges like Binance,kuCOin, and others, trade the ENJIN coin, exchanges images are shown below.
I cant use the world bullish on the ENJIN coin today simply because the coin has tends to fall below the price for today, the ENJIN market has been down up today by 0.42% which shows there have been lots of selling pressure from the coin causing it to depict lows.
The ENJIN coin also had 24 hours trading volume of $193,474,747 which has been down by 34.99% which shows there has been more pressure on the selling power in the past days, so this answers my question of why I am not bullish about the token today.
I will be bearing the analysis of the ENJUSD on the 15 min chart, where I was able to identify the support zone and the resistance zone, after forming these levels, I get to notice that there is a consolidated movement in the ENJUSDT market, has the market has been moving between resistance and the support zone I was able to identify the TEMA 50 indicator to be moving ahead of the market price which means the ENJIN market is in a bearish phase and what I could witness as well is that the market is about to move on a downtrend movement.
At the resistance zone, the market quit rising and it falls to the previous low, while at the support zone, the market refused to drop and rises back to the previous high, the image shows the resistance and support zone of the IOSTUSDT market, after identifying the support and resistance level, I notice that the market is about moving towards the resistance zone and the confirmation also came to form the MACD indicator as well as I saw the MACD indicator to about be crossing the zero line and moving to the lower part.
From the chart, I was able to get my entry to sell at the moment the market is about falling and the TEMA 50 indicator is traveling above as well. I took the order to sell which was executed at a 1:1 risk-reward, the stop loss was set below the resistance zone, so if the market went back to the resistance level, my loss level would at least be minimized.
I took my trade at the entry to sell at the price of 1.919USD, the take profit of 1.8400USDT, and my stop loss at 1.9660USDT.
A screenshot of the filled order can be seen in the image below.
NO, I do not plan to hold ENJIN for long as the coin has been making a bearish movement and the coin might keep dipping so it might be a bad idea to purchase the IOST coin, for now, a future might come where I would love to buy, but no certainly with the current movement in its price as the coin is not in a bullish phase right now.
So to justify my answer, I would prefer not to hold the ENJIN coin for so now, I would rather prefer to trade it at Isolated 9x leverage on a 15 minutes trade and make a profit and fall out as quickly as possible in case the market goes the otherwise of my intraday trading.
I did sell out the moment the market hits its take profit level.
YES, I would recommend everyone to buy the ENJIN coin, but not at the moment as the coin is still making a bearish movement, so it is better if one can wait to see the next day's movement in the ENJIN token before deciding on buying or not.
For individuals who like to play games can also buy the coin to play and earn as the program project the play to earn, staking an ENJIN coin could as well be a profitable investment.
In this write-up today, I have analyzed the proper trading setup for the ENJIN coin where I execute a sell trade at the point I witness the coin to wants to consolidate and range between the support and resistance zone, I was able to confirm my entry with the help of TEMA 50 indicator and MACD indicator, as I decided to sell when I saw that the market is now traveling below TEMA 50, and also the MACD is moving toward the zero line which confirms a downtrend market.
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