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With the downfall of more than 35 percent, ENJ coin price enters the downtrend. Is this the right time to buy the dip?
With the increasing interests of cryptocurrency among the people, many cryptos are surging to a new all-time high in the 2021 bull run. However, the downfall of the overall crypto-market puts many cryptocurrencies in downtrend.
However, the market for crypto is sagging lately and the majority of cryptocurrency are losing gains. Are the circumstances the same for Enjin price? We'll know within the Enjin price prediction article for 2021. First, let's take a an overview of the basics of Enjin.
What is Enjin?
Enjin is a blockchain-based gaming platform that concentrates on making digital goods owned by the player such as "NFTs" (non-fungible tokens). They have ways to create tokens that can be used in many video games, and are also able to be used across a variety of platforms, from mobile to PC. Enjin NFTs let players own the true ownership of their game-related items and to trade them with other players both inside and outside the game.
The Enjin Coin is unique in that each token created by Enjin Platform, the company's blockchain-based asset development platform, which was launched in February 2020 is directly supported by ENJ that gives game-related items actual liquidity.
ENJ Coin uses a series of smart contracts that game developers transmit ENJ to create new, unique , fungible, or non-fungible ERC-1155 tokens. The tokens can be traded through the Enjin Marketplace, which launched in September 2019 or exchanged for the backing Enjin token anytime. In the event that more tokens custom-designed for customers are produced as they are minted, more tokens will be removed from the market, making them scarcer.
How Does Enjin Work?
Enjin's system is based on the side of Enjin coin. It is a powerful divisible cryptocurrency which makes the spice of Dune appear as cinnamon. The platform's primary purpose is to make blockchain-based assets such as NFTs.
Every token issued through the exchange is infused with an Enjin token that is then locked into the item and then removed from circulation. There is a certain amount of Enjin tokens per asset that can range from a small fraction of one token (0.01 ENJ) to millions. Follow this link to monitor the price of Enjin.
The Enjin coin is an ERC-20-issued token by the Ethereum blockchain. This means that all ON-chain ENJ transactions are verified and protected via the Ethereum network through a proof of work consensus algorithm. Miners compete against one another to add new blockages to blockchain. Most nodes on the network must be able to verify the record in order to be added.
ENJ Token: Price Analysis
Flashback: The Fundamental Analysis Of ENJ
ENJ/USD 2021 Price Chart
According to coinmarketcap, the current price of ENJ at press time is $2.49. The market capitalization of the coin has decreased by 25.35 percent in the past 24 hours. Moreover, the trading volume of the coin has increased by 50 percent indicating increase in selling pressure.
In the past year, the coin price has increased by more than 1650 percent due to the increase in supply near the $0.50 mark. Thus, resulting in an uptrend with the all-time high of $4.82. However, the coin price is 40 percent lower than its all-time high.
However, taking the last few years into account, the coin price indicates a 15000% jump over the last years from it's all-time low of $0.001865.
ENJ/USD Daily Chart on TradingView
In the daily chart, the ENJ coin price breaks below the 38.20 percent Fibonacci retracement level. It is due the increased selling pressure met near the $4.5 mark and the $3.5 mark. Moreover, the continuous formation of the bearish engulfing candlesticks indicate the increased trend momentum.
The coin price is below the 100-day EMA while the crucial EMAs- 50, 100, and 200 maintain a bullish alignment. However, the downfall hints the price may break below the 200-day EMA. Nonetheless, the EMAs stand strong, for now, with chances of bullish reversal on the table.
The Relative Strength Index (RSI) is at 36 percent, which means that the slope approaches the oversold boundary (30 percent). However, as the selling pressure reaches saturation level, a reversal is in order.
Let us now look at the future Enjin (ENJ) Price Prediction.
Enjin (ENJ) Price Prediction 2021
Based on the most recent in-depth technical analysis of previous token price data, the pricing of Enjin is projected to hit a low of $2 by the end of 2021. This can be an excellent entry point for investors, as the future holds positive news for Enjin.
Enjin (ENJ) Price Prediction 2022
Enjin price prediction shows there could be an Enjin price to reach the high of $15 by June 2022. But, by the end of November, the token price may reach the low of $10.
Enjin (ENJ) Price Prediction 2023
According to the technical analysis, the value of Enjin is projected to hit a minimum price of $20 in 2023. With an average daily trading price of $22, the ENJ price rise may reach a high of $26.
Enjin (ENJ) Price Prediction 2024
Throughout 2024, the value of one Enjin is predicted to rise to a minimum price of $40. In 2024, the ENJ value may reach a high of $47, by an average price of $43.
Enjin (ENJ) Price Prediction 2025
The Enjin price is projected to hit a high of $65 by May 2025. According to our estimates, the ENJ value might hit a high of $80, with an average projected price of $72 by the end of 2025.
Enjin (ENJ) Price Prediction: Market Sentiment
Below you will find the price analysis of ENJ Coin by different media outlets.
Digital Coin Price
Digital Coin price predicts the upcoming years of the token's future will be bullish. The coins will be worth $5 by the end of 2022. A single token will have a potential value of $12 by 2028.
Wallet Investors
Wallet Investors maintains a bullish sentiment for the token. As per the site, the coin price will reach $12 by 2023. And, by 2026, it will be worth more than $16.
Gov Capital
In contradiction to Wallet Investors, Gov Capital predicts a fast growth rate for ENJ in the upcoming years. It forecasts the ENJ coin will be worth up to $15 by 2026.
Coin Arbitrage Bot
The ENJ price is predicted to cross $10 by the end of 2024. Furthermore, the upcoming year can show a rise to the $14 mark.
Crypto Ground
Being based on the logical algorithm, ENJ has both short-term rallies as well as potential long-term advantages. The price of Enjin (ENJ) after 5 years will be around $8.10.
Our Enjin (ENJ) Price Prediction
Similar to the film Ready Player One, you will be able to achieve things previously thought impossible only in the realm of the realm of fiction. Gaming as we understand them has been transformed forever due to Enjin. Their cutting-edge NFT technology is changing the way gamers perceive their gaming experience as well as how they value their time. The world will no longer consider gaming as a waste of energy. It'll be like the future generation of investing in the players' talent and perseverance.
Enjin already has a substantial user base. The success of the platform can be correlated with the growth in acceptance of NFTs and the metaverse. These ideas will remain dominant in the crypto market which is why they should generate a strong interest for the Enjin platform as well as the ENJ coin.
With many of its products, including its mobile wallet in the market, ENJ certainly looks fit to be an upcoming top 50 or Top 25 coin, in the near future.
According to Enjin (ENJ) Price Prediction 2021, the ENJ Coin's value will be $2 in December 2021. Then, it will go up to $60 by 2025.
Conclusion
The Enjin is a revolutionary initiative in the world of cryptocurrency and it is a pioneering project in the NFT space. Enjin is one of the cryptocurrencies which is set to enjoy an exciting and positive future. In the midst of the crypto wave and gaining momentum, it will be the dominant cryptocurrency, and as a method of payment, it will be able to last for a long time.
Despite all the controversy and debate, Enjin reveals a very robust and vibrant system in the near future with virtual goods that are on an optimistic note, with blockchain assets as the foundation of crypto-assets and smart contracts It is only normal for consumers to be attracted to Ethereum digital coins that are based on the network which shed any bearish and show whether the coins are functioning properly for gaming business.
Thus, Enjin Coin is a excellent investment, however caution is essential. Investors should do their own research by studying most recent news, which provides ENJ coin's current price and forecasts for the future. The only method of understanding the ENJ ecosystem could be the purchase of Enjin coin cryptocurrency to use it as an electronic currency that is part of the cryptocurrency world.