Enjin ENJ / USD weakened from $ 1.77 to $ 1.18 in less than several days, with the current price hovering around $ 1.33.
Fundamental analysis: millions of people already use Enjin products
Enjin Network was established by Witek Radomski and Maxim Blagov in 2009. Initially it was a community gaming platform, and in 2017 the network had an Initial Coin Offering (ICO) for Enjin coin.
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Enjin is the first NFT company to be accepted into the United Nations Global Compact, demonstrating the importance of this project. Enjin is committed to the United Nations Global Compact corporate responsibility initiative, and the mission of this project is to create an ecosystem to easily redeem non-fungible tokens (NFTs).
The team behind Enjin believe that blockchain and non-fungible tokens (NFTs) are the future of our entire world and therefore have a responsibility to ensure that the future of NFTs is sustainable and fair to all. participants.
Enjin Coin (ENJ) is a token that powers the Enjin network, and it is important to say that ENJ is an Ethereum-based cryptocurrency that is used to directly support the value of next-generation NFTs. Enjin helps you generate new revenue streams and accelerate your business growth, while Enjin products are already used by millions of people to manage, create and redeem fungible and non-fungible tokens.
The possibilities are limitless; players can win by playing video games, you can create digital art and monetize it, you can make music and turn it into a powerful token, and much more. There are already many projects on the Enjin platform, mainly focused on games and business, but you can symbolize everything from old comics to real estate and physical products.
“Enjin provided us with more than the technology we needed to integrate NFT without any blockchain code; His loyal fans have helped us build an incredible community of fans for our game, ”said Sam Stebbins, CEO of Jade Stems Studios.
Basically, there are still uncertainties surrounding this project, and its success depends mainly on its strategy to expand its influence in the market. Technically, Enjin Coin (ENJ) remains under pressure, and if you decide to buy this cryptocurrency in October 2021, you will need to use a ‘stop-loss’ order as the risk remains high.
Technical analysis: bears continue to dominate price trends
Data source: tradingview.com
Enjin Coin (ENJ) is currently trading very close to the current support level at $ 1.20, and if the price breaks it, the next target could be around $ 1. On the other hand, if the price breaks above $ 1.60 , the next target could be around $ 1.80, but traders should use stop-loss and take-profit orders when opening their positions as the risk remains high.
The cryptocurrency market is still under pressure and now is probably not the best time to buy Enjin Coin (ENJ). ENJ is currently trading very close to the current support level at $ 1.20, and if the price breaks it, the next target could be around $ 1.
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