ENA One of those coins that is very sensitive to momentum. During up trends, it tends to outperform. During down trends, it underperforms. Very momentum heavy coin. With that…
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$ENA One of those coins that is very sensitive to momentum. During up trends, it tends to outperform. During down trends, it underperforms. Very momentum heavy coin. With that said, I initially caug…
$ENA One of those coins that is very sensitive to momentum. During up trends, it tends to outperform. During down trends, it underperforms. Very momentum heavy coin. With that said, I initially caught a nice spot bag move on this. I bought somewhere around ~$0.085 in the summer and sold it slightly early in that circle around $0.22. Good trade nonetheless. Since then I been patiently waiting for a sizeable correction to get back in this. I think we are now at that zone where this gets interesting to me again. Below $0.14, which was the previous range high, I have no interest in touching it anymore. But between $0.14-$0.16 I do see this as a solid value zone for ENA as a longer term spot bag. Wicks below into the Daily 200MA would still be ok, but I want to see the daily closes maintain above the $0.14 level. I will say that it is perfectly fine to wait to buy these kind of coins after the momentum turns, instead of knife catching. You would miss some initial of the move but have a smaller chance of getting caught as the down trend continues. Could even wait for some low timeframe market structure flip to bullish again before considering any buys at all. That is usually when I buy into new spot bags. Fact is, the market as it is now is still very sketchy, BTC at a big support and we just had a massive down day. So for me the plan is to just start slowly scaling in and try to get as low a cost basis as possible. Then sit it out for another 3-6 months as hopefully the market creates a higher low and rallies from there. On perps I would not easily be able to do this personally as the swings you'd have to endure in between are pretty tough and it is easy to get wicked out on your stop loss for example. Just sharing some thoughts. Keep an eye on this region.
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