This is a fun chart that I actually made into an NFT on the Enjin chain. The idea is simple. As you can see, ENJ is trapped in a certain zone. The future direction depends on where it breaks off towards. If ENJ breaks above the descending curve, then my prediction is at least 16k Satoshi by August 2022. It could take one of two paths up there. On the other hand, if it fails in the near term and breaks the zone downwards, then it would follow the curve down back into January 2021 levels.
ENJ is gaining momentum versus Bitcoin. We are approaching the 0.5 Fib line. This is a level to watch. Whether it reverses or crosses the line, I'm still buillish for the next four months.
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You can view this 12-hour chart in the link below. The curve shown I drew in a past stream and I find it funny that price is actually following that recklessly drawn curve :D
So since this has initially followed the bearish path I've pointed out in my first chart, it should slowly drop to the low of 370 Satoshi. I expected that low much sooner. But a slow death is even worse.
@gaidarmaxim834, 30k Satoshi is not too far from here. Only 6x current price. With exponentially increasing adoption, 30k is so easy to imagine. But the question is, why would Enjin chain outgrow other NFT chains? I'm having difficulty creating an asset on the chain, so I'm having doubts.
@voicesfspace, No. What you see in this chart is slow death. This will most certainly go the all-time-low of 370 Satoshi. I haven't been following the project itself, so I'm judging by the chart. We have seen countless dead crypto projects. The low liquidity and low volume mean that it can spike upward every now and then, but by no means are such spikes sustainable.
voicesfspace
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@TechNerdOmar, I have too much enjin on hand. Frankly, I was scared when you said this. Do you really think it will fall clearly?
voicesfspace
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@TechNerdOmar, Frankly, I think you're wrong. Enjin will now gain value against BTC. It is not investment advice. See you later.
voicesfspace
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@TechNerdOmar, I reviewed your profile and saw that you were wrong on most analyses. We are on the right track, my friends. Pump enj!