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Enjin (ENJ) price analysis: is October a good month to buy this cryptocurrency?

Enjin (ENJ) price analysis: is October a good month to buy this cryptocurrency

Enjin ENJ/USD has weakened from $1.77 to $1.18 in less than several days, and the current price stands around $1.33.

Fundamental analysis: Millions of people already use Enjin’s products

Enjin Network was established by Witek Radomski and Maxim Blagov in the 2009 year. At first, it was a community gaming platform, and in 2017, the network had an initial coin offering (ICO) for Enjin coin.

Enjin is the first NFT company accepted into the United Nations Global Compact, which shows the importance of this project. Enjin is committed to the UN Global Compact corporate responsibility initiative, and the mission of this project is to make an ecosystem for exchanging non-fungible tokens (NFTs) easily.

The team behind Enjin believes that blockchain and non-fungible tokens (NFTs) are the future of our entire world, and because of this, they have the responsibility to ensure the future of NFTs is sustainable and equitable for every participant.

Enjin Coin (ENJ) is a token that powers the Enjin Network, and it is important to say that ENJ is an Ethereum-based cryptocurrency used to directly back the value of next-gen NFTs. Enjin helps you to generate new revenue streams and accelerate your company’s growth while millions of people already use Enjin’s products to manage, create, and trade fungible and non-fungible tokens.

The possibilities are endless; gamers can earn by playing video games, you can create digital art and monetize it, you can create music and turn it into a powerful token, and lots more. There are already many projects on the Enjin platform, mainly focused on gaming and enterprise, but you can tokenize anything from old comics to real estate and physical products.

“Enjin has provided us more than just the technology we needed to integrate NFTs without any blockchain code—their loyal following has helped us foster a community of incredible supporters for our game,” said Sam Stebbins, CEO of Jade Stems Studios.

Fundamentally looking, there is still uncertainty surrounding this project, and its success mainly depends on its strategy to expand its market influence. Technically looking, Enjin Coin (ENJ) remains under pressure, and if you decide to buy this cryptocurrency in October 2021, you should use a “stop-loss” order because the risk remains high.

Technical analysis: Bears remain in control of the price action

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 side, if the price jumps 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 because the risk remains high.

Summary

The cryptocurrency market remains under pressure, and probably it is not the best moment 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.

The post Enjin (ENJ) price analysis: is October a good month to buy this cryptocurrency? appeared first on Invezz.



from Market Analysis – Invezz

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