【Cheap? Are you sure?】
ENA is down 86%. You think it’s cheap now, right?
I thought the same thing in 2017. “How much lower can it go after falling this far?” Well, cheap assets got even cheaper, and after I bought the dip halfway down, prices kept falling. So now, when I see the words “oversold,” my first reaction isn’t excitement—it’s caution.
Cheap is never a reason to buy. What matters is whether it’s worth the price.
Okay, back to ENA. It’s now at 0.2117, barely moved in the past 24 hours, and is down 6.6% this week, moving sideways between 0.20 and 0.22. A tight trading range accompanied by rising volume means the market is becoming more divided here. It could go either way, and we’ll soon see which direction it takes. 0.20359 is support; if it falls below that, we’ll need to reassess. 0.223008 is resistance; a breakout above it could trigger a modest rally.
But these price levels
ENA is down 86%. You think it’s cheap now, right?
I thought the same thing in 2017. “How much lower can it go after falling this far?” Well, cheap assets got even cheaper, and after I bought the dip halfway down, prices kept falling. So now, when I see the words “oversold,” my first reaction isn’t excitement—it’s caution.
Cheap is never a reason to buy. What matters is whether it’s worth the price.
Okay, back to ENA. It’s now at 0.2117, barely moved in the past 24 hours, and is down 6.6% this week, moving sideways between 0.20 and 0.22. A tight trading range accompanied by rising volume means the market is becoming more divided here. It could go either way, and we’ll soon see which direction it takes. 0.20359 is support; if it falls below that, we’ll need to reassess. 0.223008 is resistance; a breakout above it could trigger a modest rally.
But these price levels