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- Enjin has launched its latest wallet version and has been consolidating near a range.
- Technical indicators of ENJ are favoring a consolidation trend. ENJ/BTC pair has seen a gain of 2%
Enjin Coin (ENJ) is a cryptocurrency that was created by the Enjin Network in 2017. The platform is a blockchain-based ecosystem that provides a wide range of services, including a virtual goods platform, gaming community platform, and a payment gateway for online merchants.The ENJ token is the native currency of the Enjin platform and is used for transactions within the ecosystem, including buying, selling, and trading virtual goods. The ENJ token is also used as a means of value transfer between different games and virtual worlds.Enjin Coin is unique because it offers a solution to one of the biggest challenges in the gaming industry: the issue of digital ownership. With Enjin, players can truly own their virtual goods and have full control over them, as all assets are stored on the blockchain. This ensures that items cannot be lost or stolen, and also provides a more secure way for players to trade and sell their virtual goods.Enjin platform has already been adopted by several gaming communities and has partnerships with several gaming companies, including Samsung, Unity Technologies, and Microsoft.
ENJ coin price has a market cap of $465 Million and is currently ranked 86th in the cryptoverse. Volume to market cap of the ENJ suggests a consolidated trend in the price.
Are Bulls Looking For A Fight?
The weekly technical chart of the ENJ suggests a consolidated trend in price. On the daily chart it is trading near the value of $0.465 with a gain of 1% in the intraday session. Resistance for the Bulls can be seen near $0.85.Meanwhile the support of the asset price can be seen near $0.2.ENJ price is currently in a consolidated trend and can see a new high in the future.It is currently trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high.
RSI of the asset price is near 66 suggesting its presence in the oversold zone.There is a downside slope which can push the price down.
Conclusion
Enjin has seen a brief rally with the rise in the overall cryptomarket. ENJ is currently in a consolidated trend but can soon see a new high in the future.
Technical Levels
Major Support:$0.25
Major Resistance:$0.8
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
