Enjin has been one of the beneficiaries of Facebook’s recent metaverse dive in

Metaverse Pixabay
Bitcoin and Crypto Market Watch Monday, November 01, 2021 - 19:14

Today, internet users, gamers & developers demand fast and effective user interfaces that are aesthetically appealing as well as tuned to meet the performance requirements of today’s devices. They also require a platform that keeps their data safe and secure. These set of demands by the market has sent the term metaverse trending all over the internet. The lends credence to the fact - our digital lives are becoming more valuable day by day. And simultaneously, equally valuable are digital assets, interactions and experiences. In this article, we look at one such platform that has made baby steps in creating this experience – and the associated cryptocurrency.

Enjin: Fundamentals & Purpose

As an all-in-one decentralized platform, Enjin enables users to create digital assets, load them on the Ethereum blockchain and integrate them into games and apps. Its suite of products - Enjin Network, Enjin Wallet, EnjinX, and Efinity serve these purposes and more.

Enjin is a Singapore-based blockchain platform dedicated to serving as the infrastructure for the decentralized gaming boom currently happening around us. Originally incepted in 2009, it is now amongst the largest gaming community platforms in the world, claiming hundreds of thousands of gaming communities and around 20 million registered gamers.

ENJ: Fundamentals

Enjin Coin (ENJ) is the coin that represents value on the Enjin network, with each asset on the platform being assigned a value in ENJ. ENJ has a circulating supply of about 835 million out of the 1 billion that are to be minted in totality. Its recent surge has seen it break into the top 75 cryptocurrency list by market capitalization. With the rise of meta-themed tokens expected to continue, top 50 is on the cards for ENJ.

Short Term Technical Analysis

Enjin coin Analysis

Source: TradingView, Binance

ENJ has seen a significant surge in value on the back of Facebook’s corporate rebrand to Meta last week. After a 200% gain to $3.5 within a month, ENJ has now undergone a brief correction to trade around the $2.5 mark. It is well above its 20-day moving average of $1.92, which will act as strong support in case of corrections. It is also likely to be in confluence with its fibonacci retracements at $1.97-$2.

On the upside, ENJ will encounter resistance at the $2.6 and $2.95 levels, which it will need to flip into support to continue its surge.

Future Potential

Enjin already boasts a sizeable user community. Its success can be associated with the success of broader adoption of NFTs and the metaverse. All such ideas continue to dominate the crypto market, and thus should provide solid demand for the Enjin platform and the ENJ coin. With several working products - such as its mobile wallet - already available, ENJ certainly looks fit for a Top 50, if not top 25 coin in the new future.

Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

 

Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.