By Jake Coleman
Enjin Coin (ENJ) has emerged as a prominent participant in the cryptocurrency market, primarily distinguished by its distinctive emphasis on the gaming sector. Established in 2009, Enjin initially emerged as a platform catering to the gaming community. However, the company subsequently underwent a strategic shift towards blockchain technology, culminating in the launch of Enjin Coin in 2017 via an Initial Coin Offering (ICO).
Enjin Coin holds notable significance due to its inherent characteristics as a utility token specifically engineered to integrate within the realm of online gaming seamlessly. The integration in question helps streamline the processes involved in generating, disseminating, and administrating virtual commodities, thereby affording gamers and content creators an enhanced degree of proprietorship and transactional efficacy.
The ENJ token serves as a means to substantiate the valuation of assets built on the blockchain, thereby conferring tangible worth upon each item generated within the Enjin ecosystem. Enjin Coin serves as a means of establishing a connection between blockchain technology and the gaming industry. The cryptocurrency in question is not solely a standalone entity but rather an integral component of a comprehensive ecosystem encompassing a wallet, a marketplace, and an array of tools catering to the needs of both developers and users.
Forecasting the future trajectory of Enjin in 2024 poses a formidable challenge. In the forthcoming months, diligent observation is being conducted by experts on various factors, including regulatory advancements and the escalating institutional embrace of cryptocurrency payments. The factors above play a pivotal role in facilitating a more comprehensive comprehension of the market’s trajectory.
The recent upheaval resulting from notable cryptocurrency exchange collapses, particularly the FTX incident, has intensified the impetus for federal regulators to endorse more stringent cryptocurrency regulations. This article aims to delve into the Enjin coin price prediction, examining the likelihood of attaining a value of $10 by 2024 through a comprehensive analysis of technical factors.
A Concise Introduction to Enjin
Enjin, established in 2009 in Singapore, originated as a gaming community network and transformed into a versatile blockchain platform. The company experienced notable growth after a prosperous $18.9 million Initial Coin Offering (ICO) in 2017.
The platform aims to streamline the incorporation of blockchain technology into the processes of game developers and gamers. To optimize user interactions, the platform provides a comprehensive suite of tools, such as Software Development Kits (SDKs), APIs, and a dedicated blockchain.
Enjin has played a significant role in the progression of blockchain technology within the gaming industry, having been initially integrated into Ethereum’s ecosystem. The ERC-1155 token requirements were introduced and played a significant role in its establishment in 2019. The innovation facilitates the coexistence of both fungible and non-fungible tokens within a single smart contract. The approach above optimizes the effectiveness and utility of digital asset management within gaming.
Enjin has introduced ‘JumpNet,’ a scaling solution designed to tackle the issue of high gas fees on the Ethereum network. This solution enables developers to utilize Ethereum’s secure framework while mitigating the burden of excessive costs.
The ecosystem of Enjin encompasses a dynamic marketplace that has garnered substantial attention, boasting over one million downloads of the Enjin Wallet and the active participation of over 3,000 projects leveraging its platform.
Enjin is acknowledged for its significant contributions to the digital currency and gaming sectors. The entity in question was among the first to explore Ethereum’s Raiden Network to augment its scalability capabilities.
The project successfully obtained a position on the Polkadot Parachain, enhancing its interoperability capabilities. Enjin has attained a notable achievement by obtaining regulatory approval in Japan, establishing a precedent for including gaming tokens within regulatory frameworks.
In 2023, the Enjin company unveiled its strategic initiative to introduce the Enjin Blockchain, a purpose-built platform catering to the needs of non-fungible tokens (NFTs) and digital assets. In conjunction with this progress, the Enjin Coin (ENJ), originally an ERC-20 token, is anticipated to migrate to the new blockchain mainnet. The migration process will be executed with a 1:1 ratio, ensuring a smooth and uninterrupted transfer for all users and stakeholders involved.
Prediction of the Price of Enjin Coin Based on Technical Analysis
The Enjin coin price has recently undergone a bullish surge, prompting buyers to take action near the immediate resistance levels. The price has experienced a gradual increase above $0.2 concurrent with the BTC price reaching $40K. Following a surge above the $0.43 threshold, the cost of ENJ experienced a subsequent selling momentum, resulting in a decline.
The price has experienced minor rejections due to a decrease in buyer confidence resulting from a significant market selloff. The Enjin coin price has been subject to a comprehensive technical analysis, which has identified several bullish indicators that could propel the price to reach new highs soon.
As per Coinmarketcap data, the current trading price of Enjin stands at $0.32, indicating a 4.5% decline within the past 24 hours. The technical assessment of the Enjin price suggests a potential decrease in bullish momentum as bears seek to reverse the current trend from the forthcoming resistance at $0.43.
Nevertheless, bulls are actively working to maintain the price above the present support level of $0.26. Upon analyzing the daily price chart, it is observed that the Enjin coin price has encountered a level of support close to the 23.6% Fibonacci retracement level. Subsequently, the price exhibited a bullish surge, and several attempts were made to surpass various Fibonacci channels. After a recent downtrend, the ENJ price faces resistance near the EMA20 pattern line.
This has resulted in a decline in buyer confidence to initiate additional long positions, leading to a potential test of the upcoming support level. The current reading of the Balance of Power (BoP) indicator stands at 0.45, indicating a negative trading zone. Sellers are exerting a more significant influence on the price chart.
To comprehensively analyze the Enjin coin’s price, it is essential to consider the RSI-14 indicator. The RSI indicator observed a rebound in response to the failure of ENJ price to sustain sellers’ demand near support channels. The current position of the trend line below the midline, with a trading level of 42, suggests the possibility of a minor down correction shortly. The ENJ price is expected to make an upward move soon, aiming to surpass its immediate Fibonacci level and reach its short-term bullish target of approximately $0.5. If bears do not breach the present 0.038 Fibonacci level, there is a potential for an upward trend.
The SMA-14 exhibits a trading pattern at 45, slightly surpassing the RSI line, indicating potential gains on the price chart. If ENJ experiences an uptrend above the price range of $0.43-$0.5, it has the potential to establish a pathway toward encountering resistance at $0.58. A potential upward movement in the coin’s price could result in a breakout above, leading it toward the upper boundary of the Bollinger band at $0.77, followed by a potential target of $1.2.
Suppose Enjin cannot maintain a position above the crucial support level of $0.3. In that case, there is a possibility of a sudden downturn, leading to additional decreases in price and causing the coin’s value to approach the lower boundary of the Bollinger Band at $0.26. If the price fails to sustain trading activity in proximity to said level, there is a possibility of initiating a notable downward trend towards $0.2.
Coin Prediction 2023
Based on the forecasted price and technical analysis, Enjin Coin’s value may reach a minimum of $0.3351 by 2023. The maximum price level for ENJ is projected to be $0.3809, while the average trading price is estimated at $0.3703.
Coin Prediction 2024
The projected minimum value of Enjin Coin in 2024 is estimated to be $0.5092. The projected Enjin Coin price is anticipated to peak at $0.6252, with an average price of $0.5277, throughout 2024.
Coin Prediction 2025
The projected price for Enjin Coin in 2025 is anticipated to reach a minimum level of $0.7555. Our analysis shows that the ENJ price may earn a maximum of $0.8904 while the average forecast price is $0.7819.
Final Thoughts
Enjin Coin’s price trajectory aligned with the broader market dynamics, exhibiting a notable surge in 2021, succeeded by a subsequent downturn spanning 2022 and 2023. Trading near a significant support level, the coin’s immediate prospects remain uncertain, subject to the influence of sentiment in the markets and investor behavior.
The engagement of ENJ in real-world applications, particularly in the tourism sector, along with its ongoing projects with Efinity, demonstrate promising prospects for its future expansion. Implementing these initiatives can strengthen the coin’s durability and stimulate user adoption.
Notwithstanding the positive advancements mentioned, the overall market conditions, as indicated by the Bitcoin Fear and Greed Index, indicate a prevailing sentiment of prudence among investors.
Furthermore, it is recommended that investors diversify their portfolios to mitigate risks, considering the inherent risk of the cryptocurrency market. However, making informed choices within a market encompassing over 10,000 distinct cryptocurrencies poses intrinsic challenges.
