ENJ/USDT: Key support tested - Direct rise expected

23 giu 2022

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Daily on Daily Chart (LOG)-------

ENJ/USDT: Key support tested - Direct rise expected

Context
- The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. Like the others digital assets ENJ suffered about negative global market situation.
- However we are focus on a direct rise now on this coin and we expect a fast and quick recovery regarding technical elements provided by the interpretation of the Elliott waves and bullish divergence on RSI


Market configuration

- Graphical Elements :
Graphical Resistance = 1,37 & 4,00
Graphical Support = 0,38 & 0,22

- Mathematical Indicators:
EMA ( Exp Moving averages) are still capping the market at 0,74 = Bearish
RSI indicator (below) is bouncing off key support with divergence = Bullish

- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target C (B) has been already reached = 0,38
Fibonacci resistance of the wave in progress = 0,74
Fibonacci support of the wave (c) (B) (max extension) = 0,22
Fibonacci Bullish Target = 1,37


Conclusion

Preferred case => Regarding the mid-term element, ENJ is offering the perfect entry area for DCA or short-term recovery as long as 0,38 remains a support area valid, a break above 0,74 will confirm a rise to 1,37
Alternative cae => breaking below 0,38 - direct drop to 0,22