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Can Enigma (ENG) Prove It Has Long Term Value?
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Enigma has been one of the worst performing coins during the bear market, retracing nearly its entire pump. However, we did reach my exact bearish target, which was around 6000 (you can see this in my previous ENGBTC analysis). The stop hunt that sent us down to the 900 area actually wicked right on top of the previous broken triangle resistance. You can see this clearly in my chart. Since then, we bounced all the way up to the 10000 resistance before consolidating around 8000. This looks like it has the decent chance for a bullish reversal. The entire crypto market seems to be on the verge of confirming at least a slow, healthy growth period (if not the start of a new bull market). Since I feel this is the case, I decided to post a new ENG chart, and give a couple of potential bullish targets. The zones I'm looking at are in green. I've always liked this project. It now makes up a fairly small portion of my portfolio since it's tanked so hard, but I might decide to increase my stack through swing trading if we get some volume going.
Potential Setup:
BUY: 7800-8200
SELL:
13000
15000
18000
23000
STOP LOSS: Below 7800, 7000, or wherever you see fit.
This is not financial advice. I'm just posting this chart to see how it plays out, and whether any of my targets are reached or surpassed. This is really for my own educational purposes, as I enjoy keeping track of this market.
-Victor Cobra
Potential Setup:
BUY: 7800-8200
SELL:
13000
15000
18000
23000
STOP LOSS: Below 7800, 7000, or wherever you see fit.
This is not financial advice. I'm just posting this chart to see how it plays out, and whether any of my targets are reached or surpassed. This is really for my own educational purposes, as I enjoy keeping track of this market.
-Victor Cobra
Nota
Looks like we've got our first push up. Volume needs to come in, if we're going to sustain. ENG generally trades at very low volume and it dumps quickly, which is one of the reasons why I have a smaller position in this coin.Nota
Guess it was another failed pump. Still low volume. The retrace doesn't bode well though.Nota
Looks like bulls managed to rescue ENG, which is a good sign that it might have actually found bottom. We've held consistently above 8200 and have pushed up yet again. Let's see if it makes it to any of my targets.Nota
Broke down below 7800, so this idea is invalidated for now.Nota
Small update: We're back in the consolidation zone above 8000. The market actually does look like it's making a slow creep upwards. While this might be cause for concern, this is how bull markets begin. We'll see if ENG can make it up to my targets.
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