ENJ Price Prediction - Technical Analysis
Enjin allows game developers to tokenize in-game items on the Ethereum blockchain.
The Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain. Founded in 2009, Enjin has roots in the gaming industry, with the company’s first product, a gaming community platform called the Enjin Network, growing to 20 million users over the course of a decade. This has led to an increase in ENJ price
Benefits to creators and users
- Infuses them with a reserve value
- Ensures their transparency and scarcity
- Gives them instance liquidity
- Provides utility in games and apps
- Enjin’s “melting” functionality allows users to destroy their blockchain assets at any time to retrieve the ENJ value from within.
Enjin Coin uses a series of smart contracts to which game developers send ENJ to mint new, unique fungible or nonfungible ERC-1155 tokens. These tokens can be traded on the Enjin Marketplace, which launched in September 2019, or exchanged for their backing ENJ at any time. As more custom tokens are minted, more ENJ is removed from the ecosystem, thus making it scarcer.
Enjin is developing Efinity, a next-generation blockchain for digital assets, built on Polkadot. Efinity’s purpose is to be an NFT highway, not a general computing blockchain. Token creation, transfers and purchases are the network’s priority. Transaction fees on Efinity stay in the background, and allow users to experience their favorite collectibles without worrying about how the network operates.
Jumpnet is an instant, secure, carbon-negative, and free on-chain NFT and Enjin Coin transactions solution. In its first iteration, JumpNet features all of the core mechanics necessary for a great blockchain experience. You can move, send, receive, mint, trade, distribute and automate on Jumpnet.
1.1B assets have been created on Enjin. Over 2.3 million people use Enjin wallet. The marketcap of ENJ is at $1.3 billion with a 24 hour trading volume of $369,353,497.
Enjin Coin is an ERC-20 token issued on the Ethereum blockchain, meaning that any on-chain ENJ transactions are validated and secured by the Ethereum network using a proof-of-work consensus algorithm. Miners compete among each other to add new blocks to the blockchain and a majority of all nodes in the network must confirm a record for it to be successful.
Let us review ENJ price.
ENJ Price Prediction
ENJ is currently trading close to the resistance at $1.40. If it breaks this resistance, we can see a move towards $1.54, $1.71 and $2.20. $2.20 is an important resistance and if it can be broken and flipped to support, we could start seeing a move towards $3.01, $3.81 and $4.30. Good support for ENJ is at $1.10 and is also a good entry point for longs. If $1.10 breaks, we could see a move towards $0.91 and $0.69.
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