DowExperts

BUYING Enjin Coin (ENJ) for a move up to $6.50!

Long
COINBASE:ENJUSD   ENJ/USD
Enjin Coin ( ENJ )

Fundamental Analysis

Enjin Coin is a project developed by Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. The company is using a great and innovative approach for taking the Blockchain space and elevating its utility and application, by connecting it to real-world value. Enjin's flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. The team at Enjin aims at building a product ecosystem that will help humanity create advanced virtual economies through the power of blockchain technology.

Enjin allows game developers to tokenize in-game items on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued using its platform, meaning that items can be bought, sold and traded with real-world value.

Enjin Coin was first announced in July 2017, and it launched on the Ethereum mainnet in June 2018.

Enjin Coin ( ENJ ) is a digital store of value used to back the value of blockchain assets like non-fungible tokens (NFTs). Every asset minted with the Enjin Platform contains ENJ , a minting resource which is locked inside NFTs and removed from circulation. Minting blockchain assets with ENJ provides a variety of benefits to creators and users:

• Infuses them with a reserve value
• Ensures their transparency and scarcity
• Gives them instance liquidity
• Provides utility in games and apps
• Anti-inflationary
• Enjin's "melting" functionality allows users to destroy their blockchain assets at any time to retrieve the ENJ value from within.
• The Enjin blockchain ecosystem aims to offer software products that make it easy for everyone to develop, trade, monetize, and market with blockchain.

Enjin’s co-founder Witek Radomski wrote the code for one of the first ever non-fungible tokens (NFTs) and is also the co-author of the ERC-1155 Ethereum token standard.


Technical Analysis

From a technical perspective, we’ve recently seen a strong 32% correction on ENJ , which has normalized the price action on the asset, as it had previously experienced a remarkable close to a 300% increase in the October – November period. As you can see, the uptrend channel on the daily chart is completely intact and the current corrective phase has brought the asset down to its upward sloping diagonal support line (blue line). This line has proven to be a great entry point for opening LONG positions on ENJ in the past. The price has held above its 20, 50 and 200-period daily EMAs, which is another signal for the absence of strong selling pressure, showing that the most recent correction was more driven by a profit taking interest after the strong rally and a broad market weakness, rather than an intrinsic weakness of the project. Both the RSI and the Stochastic oscil lator have already retraced from their overbought conditions, with the RSI already moving sideways, showing a rather neutral relative strength at the moment. However, we believe that the risks are skewed to the upside and that the current rather positive macro framework for the crypto market and the point that we are currently at in the current crypto market cycle are all signaling that ENJ should be moving sharply higher from here.

Our plan is to open our LONG positions on ENJ around the $3.35 level and look to exit half of our position at $6 per coin and then close the rest at around $7.50-8 per coin. We will place our Stop Loss at the $2.49 mark in case of a major price breakdown. At any rate, we will be interested in opening a much larger position again on ENJ if the price drops towards the $1.80-2.00 range.