Technical analysis by pollux3000 about Symbol ENJ: Buy recommendation (3/26/2024)

Weekly: long term analysisAfter more than 95% deep correction during the bear market, ENJUSDT is confirming a reversal attempt on a weekly time frame. Volumes are increasing and hinting a reversal completion.Short term analysisThe breakout of the resistance line happened at the beginning of March. Then we witnessed a nice pullback which confirmed the resistance is now acting as a support line. This offers us a good risk/reward setup to enter.StrategyBuy signal has been given from the bounce at the resistance line, entry is taken at this level around the 0.535$ markObjective 1: Next resistance line (with Risk/Reward >2) at 0.74$ ( +38%)Objective 2: Next resistance around corresponding to the reversal pattern swing move target at the 1.14$ zone (+110%)Objective 3: Near the weekly ATH at 3.32$ ( +500%)Invalidation Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk RewardIf prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.Risk = Distance between Mental stop and entry point.Our mental stop was quickly touch then real stop was executed at 0.40$ on the 8th of April. We are out of this trade with a controlled loss of 25%. Let's move on and focus on our next opportunities.