ENJIN Token Analysis
ENJ Bullish December 2020
Global Summary
👉 BULLISH
Blockchain gaming is increasingly becoming a catalyst for the crypto economy. NFTs, e-sports and VR on blockchain are increasingly coming into the focus of potential players and investors. Currently, most gaming offerings that access blockchain technology features are rather limited in their functionality. Moreover most gaming apps are still far from establishing themselves on a wide level. However, this seems to be changing faster and faster.
Enjin and it’s own distrubted ENJ token are one of the first platforms to offer an ecosystem with integrated blockchain software products where developers and players can let off some steam.
But how successful is the project in general? And what is the fundmental and technical status of the ENJ token?
Be up to date and read on!
Fundamental Analysis
👉 BULLISH
Enjin’s positive news about new partnerships and projects are not undeniable. Enjin’s goal is clear: the more partnerships and projects that are created in its ecosystem, the more the potential and the number of developers and players will grow, leading to more and more well-known major game publishers becoming aware of Enjin and interested in participating in the ecosystem.
And guess… they are successful! Enjin just announced a partnership with Atari, a reputable behemoth in the evolution of gaming, two weeks ago. Atari is still relevant in today’s world of video games and has shown dedication and sympathy for the advancement of blockchain technology in the gaming industry.
Further promising news about Enjin is its marketing campaign and partnership with DEA (Digital Asset Entertaminent Company) singapore, which are awarding annual NFT Awards for various categories in the blockchain gaming sector to developers, gamers and artists. There will certainly be more successes from Enjin on the way to making blockchain gaming a living reality. It is surely only a matter of time before other big gaming giants such as EA, Sony or Nintendo take notice of the progress related to gaming in the blockchain world. And who knows, maybe they will also partner with Enjin? It is no longer that implausible!
Technical Analysis
👉 BULLISH but…
It is still important to ascertain to what extent Enjin will be able to establish itself in the coming weeks. There is a danger that the current price level will hold for weeks or longer, but also hope that the chart will finally break out of the falling wedge on 1D that has lasted for months.
495 sats (BTC) has always been the deepest support bottom for ENJ since 2019, and it has never been below it. Thus, it can be stated generously that this is probably ENJIN’s strongest support level, which it should hold with ease.
It can be assumed that this support level will be tested a few more times before it breaks out upwards and finally breaks through it.
A falling bullish wedge has been forming for months now. We can expect it to break in the short term, more likely to the upside. Should Enjin successfully break out of the large falling wedge, the price is expected to rally strongly again. The RSI Divergence on 1D supports this theory.
If the falling wedge is unable to break out to the upside, Enjin can remain sideways at the level of 495 sats (BTC) for the next while before attempting another breakout to the upside. However, this is less likely to happen.
Since ENJ has a very strong support at around 495 sats (BTC), and BTC likely hold or rise against the dollar value in the coming months, a steady positive development of ENJ price token against the dollar can be expected. Should ENJ break out of technical analysis against BTC, which is not unlikely, it can be expected that Dollar will be further outperformed and a new ATH in Dollar can be reached.
Until next month, under monitoring
Falling bullish wedge on 1D (BTC/ENJ)
RSI Divergence on 1D(BTC/ENJ)
Horizontal trendline on ~495 Sats 4 HRS/1D (BTC)
Increasing trendline on 1D (USD/ENJ)
See you soon for a new analysis!
#WeAreSwissborg, The Future is Bright!
Archer
My name is Archer and I have been an enthusiastic crypto lover for years. Beside Bitcoin, my main focus are DeFi, PoS projects and of course promising projects like Swissborg :-)
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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.
