ENJIN Token Analysis
ENJ Bullish October 2020
Token Analyst: Remy Delyon
Global Summary
👉 BULLISH
Gaming has always been seen as a favourite area for both gamers and investors. It represents today around 2.7 billion players worldwide with gross annual revenues around 125 billion dollars and is projected to grow almost 30% over the coming 2 years. Just for comparison, the current revenue is already three to four times more than the movie industries entire revenue globally, so a very big opportunity for business!
This October edition is the very first ENJ token analysis done here, so take it more as an introduction and a start of observation. As a global perception, I would say we are at a crossroad of a potential change in terms of the trend: Either we will confirm soon the start of a pattern created which seems to indicate a bull trend or with a breakout of last support we can come back to the range to not say bear in case of continuation.
Fundamental Analysis
👉 BULLISH
Considering the opportunity of business, It’s easy to see here this fantastic opportunity for investors and innovative companies. It’s where ENJIN project is working to become the most popular gaming industry business-related ecosystem, to explore blockchain in order to gather gamers into a big community and offer them a bridge between playing and owning plus valorizing their games assets.
Following an ICO launched in 2017 for a result of almost 19M$ collected, the Enjin coin has been launched and works as a foundation of the Enjin ecosystem.
From a purely fundamental perspective, the economical world is changing a lot currently: Blockchain technology seems to be strongly installed and anchored into the world, massive adoption seems to slowly start from now and above trading opportunity, every day we can see some new innovative business models developed in order to offer a new and better service to the world (connected) citizens.
There is no doubt to me that the blockchain and crypto sphere will step by step take an important place for people and finance. Before blockchain and cryptocurrencies ecosystem appeared, banking with its centralised solutions was not necessarily aligned with 2020 world expectation and was, unfortunately, the only single offer for all the people.
As for now, decentralized Finance with tokenisation of services is definitively an alternative to the centralized economy. ENJIN will become probably one of the key players in this gaming tokenized world.
Technical Analysis
👉 NEUTRAL (but…)
From Charts analysis, we can notice that we are almost in a range from march last year, let say that is however positive from the moment we generate bottom upper and upper from one year around
Thanks to the last bottom, we can project from now a Support(Weekly timeframe) which is now our next alert for Bullshih prediction invalidation.
We just bounced back almost on the 61.8% level of retracement fibo, supported with MACD well oriented(4H) and volume quite stronger than usual, a bit upper than the moving average on 20days period: From my perception, it means that a bull trend opportunity can be back.
Until next month, under monitoring
We had got this breakout on the resistance (H4) and I guess that we can challenge from now our 2 next meetings :
* Breakout on our major resistance (D1 and W1) with reaching 0.235$
* Breakout of RANGE channel installed (W1), with reaching again 0.27$
See you soon for a new analysis!
#WeAreSwissborg, The Future is Bright!
Rémy
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About the author
I’m Remy, I live in France, I’m a freelancer working to help companies with their digital transformation and also I’m an investor and have traded for over over 20 years including experiencing the Dot Com Bubble in the 1990s...
I’m very supportive of the SwissBorg project. It is one of my favourites when it comes to building the future of the economy and wealth management. It is innovative, simple and efficient!
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Disclaimer
The information provided in this document is produced by passionate and active contributors from the SwissBorg DAO. This Content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Please consult with an accredited financial advisor before making any investment decisions and ensure that you conduct your own research.
