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Enjin Coin Analysis: Can ENJ Crypto Exhibit a Strong Rally Soon?

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Enjin Coin
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Enjin Coin is a product of Enjin, a company that offers a network of gaming products, which use blockchain technology. 

Enjin’s main product is the Enjin Network, a social gaming platform where users can make websites and clans, chat, and sell virtual items.

It enables creative game developers to create in-game items on the Ethereum blockchain. 

That uses Enjin Coin, an ERC-20 token, to support the digital assets created using its platform. It means that items can be purchased, sold, and exchanged with real-world value.

Moreover, the Enjin Crypto Coin relies on a series of smart contracts that game developers use to send ENJ to produce new, unique fungible, or nonfungible ERC-1155 tokens. 

These tokens can be traded on the Enjin Crypto’s Marketplace, which started in September 2019, or swapped for their backing ENJ at any time. 

As more custom tokens are produced, more ENJ is taken out of the system, thus making it rarer.

According to its whitepaper, the Enjin Crypto Coin uses a series of processes that happen both on-chain and off-chain. 

When a dealing is done within the Enjin system, a Trusted Platform connects with the user’s smart wallets and the website. 

Also, the game is instantly updated with a placeholder or nontradable version of the digital item until the transaction has been verified by the Ethereum blockchain.

The smart contracts that power Enjin Coin, have been audited several times, including by Ethereum developer Matthew Di Ferrante in September 2017.

In addition, it also got audited by the smart-contract auditor and developer ZK Labs in early 2018, and Castillo Network in July 2019.

In October 2020, the Enjin Crypto started a bug bounty program through the information security company HackerOne.

Can Enjin Crypto Exhibit Bullish Momentum Ahead?

Can Enjin Crypto Exhibit Bullish Momentum Ahead
Source: ENJ/USD: COINBASE.1.D. by TradingView

The Enjin crypto asset is exhibiting bullish signals and harbors the prospect of expanding further. It has executed well in the past month, and quarter, by 16.50% and 52.16% respectively, demonstrating a robust uptrend.

Therefore, if the demand for the ENJ coin stays lofty, the asset price could jump back from the current level. The next destination for the ENJ coin price is to attain $0.400.

However, if the Enjin crypto price fails to survive above the $0.300 level, it could plunge further.

The Enjin coin has illustrated an indication of a potential comeback ahead as the price attempts to nourish at a crucial level of around $0.337 on the charts.

It looks like on the ENJ coin chart the crypto is going to be geared up for an exceptional rally, as it musters force to overpower the resistance level and could mount to new heights from the current support zone.

Furthermore, the technical trend analyzing tools highlight that the Enjin crypto asset is exhibiting bullish strength and increasing capacity as it holds above major EMA’s. 

The ENJ coin asset is showing bullish strength and the RSI is beyond 50. It shows that the token is still in a positive domain and can thrust further up.

Enjin Coin
Source: ENJ/USD: COINBASE.1.D. by TradingView

Summary

The Enjin crypto asset is exhibiting bullish signals and harbors the prospect of expanding further. It has executed well in the past month, and quarter, by 16.50% and 52.16% respectively, demonstrating a robust uptrend.

Therefore, if the demand for the Enjin coin stays lofty, the asset price could jump back from the current level. The next destination for the ENJ coin price is to attain $0.400.

Technical Levels

Support Levels: $0.300

Resistance Levels: $0.400

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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