【$ENJ Signal】Selloff after a short-covering squeeze, dip retracement to strike for a second push

$ENJ 1After a spike on the 1H level, it retraces. RSI falls from the 85 high to 71.8. After a gap in buy-side order flow, the sell pressure is quickly digested. The 4H Bollinger Band upper rail at 0.0951 is pierced. The MACD histogram bars begin to contract, but the EMA20 at 0.0808 forms the first line of defense. Order book depth shows that buy orders are thicker than sell orders by 6.89%, indicating an unmistakable intent to support with capital. Under a negative funding rate environment of -0.0177%, short positions’ carrying costs keep rising; the price holds firmly around 0.092. This is a typical healthy dip retracement after a short-covering squeeze.

The current price is near the upper edge of the suggested entry range 0.06283 - 0.09191. Chasing higher directly has an unfavorable risk-reward ratio. A better strategy is to set up for a pullback.

🎯Direction: Pullback to buy (place limit orders)

⚡Entry/Order: Place a buy limit order around 0.0830 near the 1H EMA50 support and the upper boundary of the prior area with dense trading volume.

🛑Stop loss: Below 0.04587, the 4H timeframe trend’s lifeline.

🚀Target 1: 0.09674, breaking the previous high and testing the 1H Bollinger Band upper rail resistance.

🚀Target 2: 0.11369, looking toward the 4H timeframe Fibonacci extension zone.

🛡️Trade management:
- Execution plan: After the price reaches Target 1, cut the position by 50%. Move the remaining stop loss up to the entry price. If the order is not triggered, abandon this trade and never chase.

In this negative funding rate environment, price strength often means the fuel for short-covering is still being accumulated passively. On the 1H timeframe, the MACD dual lines are still above the zero axis; bullish momentum has not fully died out. If the pullback can gain follow-through around 0.083, the strength behind the second push could be quite considerable. The risk-reward ratio exceeds 1:2, making it worthwhile to set up with a smaller position.

Check the live market 👇 $ENJ
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