The pseudonymous host of the crypto channel Coin Bureau is giving a long-term bullish forecast for an Ethereum-based gaming token.
In a new video, the analyst known as Guy says he’s closely watching Enjin Coin (ENJ), an interconnected, blockchain-based gaming platform that possesses smart-contract capabilities.
Guy highlights ENJ’s wide token distribution, which he says makes the crypto asset less susceptible to a crash triggered by a singular entity.
“According to Etherscan, there are currently over 162,000 unique addresses holding ENJ. This is a significantly wider token distribution when compared to the likes of The Sandbox (SAND), which has just over 100,000 unique holders and more than double Enjin’s market cap at this point in time.
All this means is that Enjin has less of its token supply being concentrated in a limited number of wallets. This makes it potentially harder for a larger wallet to acquire a disproportionate amount of ENJ and subsequently dump it.”
The analyst also says that while there are a lot of factors that can influence the price potential of ENJ, he notes two recent developments that make him long-term bullish on the project.
“When it comes to the price potential of ENJ… this will depend on the amount of adoption that the Enjin ecosystem manages to acquire in blockchain gaming and NFT (non-fungible token) spheres, as well as the status of the partnerships it might establish in the future. However, despite it being very early days for blockchain gaming and NFTs, the future does indeed look pretty bright for Enjin, its JumpNet scaling solution and its Polkadot-based parachain Efinity”
Efinity is a cross-chain network designed to facilitate the pricing and exchange of NFTs. Meanwhile, JumpNet is an Ethereum scaling solution that allows instant, secure and free on-chain transactions for NFTs and ENJ.
Guy also adds that he’s confident in the potential of Enjin Coin due to another key fundamental factor.
“Enjin still constitutes a pioneering force in the gaming and NFT domain and it’s assembled a pretty strong team of leading architects and developers over the years. This makes me think that Enjin could be here to stay for quite some time,and I will definitely keep my eyes peeled for any exciting developments coming out of the Enjinverse in the future.”
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A popular crypto strategist and trader is mapping out what’s next for Ethereum challenger Fantom (FTM), Polygon (MATIC) and three other altcoins.
Michaël van de Poppe tells his 555,100 Twitter followers that Fantom, a highly scalable blockchain for enterprises, is currently trading at a key support level against Bitcoin (FTM/BTC).
“Very simple, it’s seen a big run. Based on that, the first area to look for spot longs is the one we’ve bounced from. Looking very decent.”
Source: Van de Poppe/Twitter
Currently, the FTM/BTC pair is trading at 0.000053 BTC ($2.23), which is hovering just above Van de Poppe’s entry point at 0.00005 BTC ($2.11).
Another coin on the trader’s radar is blockchain scaling solution Polygon. According to Van de Poppe, MATIC still looks bullish despite its recent correction as it continues to print higher highs and higher lows.
“The green zone is a crucial zone to hold. If it breaks above $2.15-$2.20, I’m assuming another bullish run can happen.”
Source: Van de Poppe/Twitter
Next up is blockchain gaming platform Enjin Coin (ENJ), which Van de Poppe says is closing in on two strong support levels after its sharp correction from the all-time high of $4.84.
“Two massive areas of support where I’d personally want to be seeking for longs.”
Source: Van de Poppe/Twitter
ENJ is currently exchanging hands at $2.23. According to Van de Poppe’s chart, the two points of interest are $2.20 and $1.90.
WOO, the utility token of decentralized fintech startup and pool trading platform Woo Network, is also on Van de Poppe’s list. According to the crypto analyst, WOO is threatening to take out a massive resistance and rally against Bitcoin (WOO/BTC).
“This one is building up for a big breakout. Constantly testing the resistance, while creating higher lows. Another break = bullish continuation.”
Source: Van de Poppe/Twitter
The last coin is high throughput blockchain Zilliqa (ZIL). According to Van de Poppe, Zilliqa has managed to take out its immediate resistance against Bitcoin (ZIL/BTC) and now looks poised to print a bullish higher low structure at 0.0000014 BTC ($0.05).
“This one has made a breakout upwards, just like altcoins in December were a great buy (remember ATOM and LINK?).
On an area of support right now, might be a good spot.”
Source: Van de Poppe/Twitter
At time of writing, the ZIL/BTC pair is trading at 0.00000142 BTC ($0.06).
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New data reveals that the world’s biggest Ethereum whales are stocking up on several gaming altcoins while the top crypto assets continue to consolidate.
The blockchain-transaction tracker WhaleStats tweets an updated list of the ten most purchased cryptocurrencies among whales over the past 24 hours.
The data shows that 30% of whales’ interest lies in the gaming sector. Not only is GALA ranked fourth on the list of recent purchases, but it also ranks seventh overall with the average whale holding 1,225,974 tokens with a value of $474,572.
Enjin Coin accounts for 1.2% of total Ethereum whale holdings with a value exceeding $128.9 million.
While play-to-earn Axie Infinity rounds out the top-10 list of recent activity, Ethereum-based virtual world The Sandbox (SAND) is absent and does not currently appear to be on the radar of game-hungry whales.
WhaleStats is also keeping tabs on some of the largest catches made by individual whale wallets. Here is a sampling of recent mega-hauls.
The fourth-largest ETH whale wallet named Light purchased 13,340 QNT for $2,129,864.
An unnamed third-largest ETH whale wallet purchased a million MATIC for $2,140,000.
The ETH wallet ranked #293 also went in heavy on MATIC, purchasing 1,239,999 of the altcoin for $2,951,199.
The 90th-ranked whale devoured 16,426,551 tokens from the Internet of Things data network MXC at a cost of $1,016,376.
Ruling crypto Bitcoin (BTC) is reeling, down 7.43% on the day and trading for $43,242.
Leading smart contract platform Ethereum is also getting battered, down 10.18%, and priced at $3,434.
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The NFT projects Enjin and Immutable X have posted double-digit gains, with Immutable X hitting a new all-time high today.
Enjin is up more than 50% over the last four days.
Meanwhile, Immutable X has risen by over 70% within the same period.
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Many Metaverse-themed assets in the crypto market have posted significant gains since Facebookannouncedit would be rebranding to Meta to focus on building out virtual reality worlds. The NFT-focused projects Enjin and Immutable X are the latest to benefit from the strengthening Metaverse narrative.
Enjin Pulls Back
Enjin hit a seven-month high today amid growing interest in Metaverse and NFT-related digital assets.
The NFT coin could now present a buying opportunity for sidelined investors to get back into the market before entering price discovery mode. ENJ has enjoyed a 54% bull rally over the last four days. It climbed from a low of $2.55 on Nov. 16 to hit a high of $3.91 earlier today. While many leading assets have suffered a steep correction this week, ENJ has continued its uptrend to come close to retesting its previous all-time high of $3.94.
Demand for Metaverse and NFT-related coins has increased since Facebook announced its rebrand to Meta in late October. Other notable gainers in the market include Decentraland’s MANA and The Sandbox’s SAND.
The Tom DeMark (TD) Sequential indicator has now presented a sell signal on Enjin Coin’s daily chart. The bearish formation developed as a green nine candlestick, which is indicative of a one to four four-hour candlesticks correction before the uptrend resume. A spike in profit-taking could validate the short-term pessimistic outlook.
Source: TradingView
Under such unique circumstances, ENJ could break through the $3.62 support level and test the $3.40 to $3.20 demand wall. The significant interest area may be able to slow down the uptrend and serve as an opportunity for traders to get back into the market.
As long as the $3.40 to $3.20 level holds, ENJ could rebound to make a new all-time around $4.30 to $4.50.
Immutable X Could Dip
Immutable X appears bound for a spike in profit-taking after incurring significant gains over the past few days.
IMX has seen its market value skyrocket by 70% since Nov. 16, reaching a new all-time high of $8.70 today. The milestone took many investors by surprise as the rest of the cryptocurrency market incurred sustained losses within the same period. Now that the token has entered price discovery mode, it could face a brief correction before advancing further.
The TD setup has flashed a sell signal in the form of a green nine candlestick on IMX’s four-hour chart. Increasing selling pressure around the current prices could push Immutable X toward the 78.6% or 61.8% Fibonacci retracement level. The crucial areas of support sit at $7.90 and $7.30 respectively.
Source: TradingView
The $7.30 support level could serve as the “max pain” point for the potential correction. Given the strength of the uptrend IMX has gone through, prices could rebound swiftly after the brief correction. Rising buying pressure at $7.30 could send Immutable X toward a new all-time high of $9.70 or even $10.20.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Closely followed crypto strategist and trader Michaël van de Poppe is unveiling his latest price predictions for Shiba Inu (SHIB), Terra (LUNA) and three other altcoins.
Van de Poppe tells his 486,300 Twitter followers that dog-theme meme coin Shiba Inu remains on a downtrend as it continues to print lower highs and lower lows.
“If Bitcoin isn’t going to show strength, I won’t be surprised to see some retests at $0.000043 taking place or even $0.000035.”
Source: Van de Poppe/Twitter
Next up is decentralized finance (DeFi) payment network Terra, which Van de Poppe says is forming a bearish rising wedge structure on decreasing volume.
“The crucial level to hold is $43-$44 and otherwise, we’ll drop towards $26-$28 on this one, depending on Bitcoin.If it breaks upwards, the next target is $60-$63 based on Fibonacci [extension].”
Source: Van de Poppe/Twitter
Another coin on the trader’s list is blockchain gaming platform Enjin Coin (ENJ). According to Van de Poppe, he’s looking at $2.67 and $2.05 as potential levels of interest.
Source: Van de Poppe/Twitter
Van de Poppe is also keeping a close watch on hybrid blockchain Kadena (KDA), which he says has made a “giant move.” According to the crypto strategist, he’s waiting for KDA to carve a bottom at $21.22 or $15.72.
“Giving some points of interest in the chart here where I’d personally be seeking for entries.”
Source: Van de Poppe/Twitter
The last coin on the trader’s list is high-throughput blockchain Zilliqa. According to Van de Poppe, Zilliqa must take out its immediate resistance against Bitcoin (ZIL/BTC) around 0.000002 BTC ($0.12) to ignite an epic rally.
“I’m heavily interested in the green zone here as I think that could give 300-700% returns in the next impulse move.”
Source: Van de Poppe/Twitter
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Coinbase Pro revealed it is preparing to list 1inch, Enjin Coin, NKN, and Origin Token on its trading platform on Apr. 9.
The announcement has seen a significant number of investors rush to other exchanges to invest in those coins.
The relevant altcoins have seen their price rise more than 20%, benefiting from the “Coinbase Effect.”
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Coinbase has announced that it will list four new cryptocurrencies for trading: 1inch, Enjin Coin, NKN, and Origin Token.
Coinbase Listing Spree Accelerates
In a recent blog post, Coinbase Pro announcedthat starting today, Apr. 7, users will be able to transfer 1inch, Enjin Coin, NKN, and Origin Token to their respective accounts. Trading will begin after two days, on Apr. 9, if “liquidity conditions are met.”
Once a sufficient supply of 1INCH, ENJ, NKN, and OGN is established, all of these altcoins will be available for trading against Bitcoin, the U.S. dollar, the Euro, and the British Pound. Order books are expected to launch in three phases: post-only, limit-only, and full trading.
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” reads the announcement.
Coinbase has gone on a listing spree ahead of its direct listing on the Nasdaq Global Select Market on Apr. 14, 2021. Most recently, the San Francisco-based cryptocurrency exchange addedtrading support for ANKR, CRV, STORJ andCardano (ADA), among many others.
Since the announcement was made, 1inch, Enjin Coin, NKN, and Origin Token have witnessed a massive price spike and become the latest beneficiaries of the well-known “Coinbase Effect.”
At the time of writing, each altcoin’s price surged by more than 20%, 30%, 80%, and 35%, respectively.Even though more gains can be expected, it is worth noting that insiders who bought in earlier might dump their holdings on unaware retail investors.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Enjin hasmanagedto raise 18.9 million dollars to launch Efinity, the first dedicated NFT blockchain on the Polkadot network. With the ongoing NFT uptrend, the move will see better commerce for NFT-based games and other applications.
Working on NFTs Since 2017
Behind cryptocurrencies like Bitcoin, blockchain is the open and safe digital ledger. Enjin helps developers with NFTs to mint one-of-a-kind digital elements that can be blockchain authenticated.
Last week, Ludena Protocol, the publisher of GameTalkTalk’s social player website, established a new partnership with Enjin, Singapore. In South Korea, cryptocurrency and gaming excitement is also a drive to give a boost to NFTs.
Enjin was created in 2009 and centered on NFT’s in 2017, which is the main platform for game-based tokens to compete with Ethereum. One of their benefits is that Enjin has launched a 5-step plan for carbon-neutral NFTs by 2030. To date, $37.8 million has been raised. Enjin has also worked with Microsoft just recently tolaunch more NTFs.
One of the challenges for cryptocurrencies such as Ethereum and Bitcoin early on in blockchain was that it needed a lot of computer power to mine coins, based on the “proof of work” design miners needed to solve the complex computer puzzle. However, Enjin switches to “proof of stake,” which relies on a smaller number of trusted computer partners to verify data. This verification method does not use as many resources. Compared to Bitcoin and Ethereum, the difficulty is that not as many users are aware of Enjin.
Caleb Applegate, Enjin’schief operating officer, said the NFTs should be for everybody in the declaration. And with Polkadot building, Enjin will have an open, scalable solution that enables everyone to participate in the evolving NFT economy. With Efinity in mind, he said, it will give everyone a fun, convenient, and affordable experience.
Introducing the New Efinity Token
The team has published an overview of the new EFI intended to cover transaction charges, liquidity, and returns by staking Enjin Coin (ENJ). Community governance would enable EFI holders to apply and vote on proposals to guide the network’s future.
Enjin initially allotted 15% of the totalEFI supplyto be earned by staking ENJ on Efinity and using ENJ minting tokens. ENJ stakers can also receive EFI from network charges, marketplace fees, cross-chain bridge charges, and smart contract fees.
To allow NFTs to run between Polkadot, Ethernets, and other blockchains, Enjin will be investing further in developing open-source bridges in Snowfork. Starting at NFT.io, Efinity marketplaces can reward EFI bidders, generate perpetual liquidity of all assets, and enable collectors to see theirNFT portfoliosvalued up to date.
Enjin launched a new NFT blockchain on top of the Polkadot protocol.
Dubbed Efinity, it will provide a simple and accessible experience for anyone who wants to participate in the NFT ecosystem.
Both ENJ and DOT continue consolidating without giving a clear path for where the prices are heading next.
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The Polkadot ecosystem welcomes a new NFT network launched by Enjin. The new platform will foster blockchain interoperability, increasing the liquidity of both protocols.
Enjin Launches NFT Blockchain on Polkadot
Enjin is ready to launch a next-generation NFT blockchain on the Polkadot network after an $18.9 million private sale. Dubbed Efinity, it will enable highly scalable transactions for games, apps, enterprises, and creators.
Caleb Applegate, COO at Enjin, affirmed that building Efinity on Polkadot was a no-brainer. The blockchain’s speed made it possible to “deliver an accessible and scalable solution” for the NFT economy.
Indeed, the game-channel network is set to process transactions every six seconds under a proof-of-stake consensus algorithm that can scale to 1,000 transactions per second.
“With Efinity, we’re bringing the NFT industry a dedicated, purpose-built blockchain that will create the advent of a globe-spanning, advanced digital asset economy—a free, open, and decentralized market where new digital worlds begin,” said Enjin CEO Maxim Blagov.
Enjin is also developing a new advancement of its ERC-1155 NFT standard, called Paratoken. The cross-chain token will be the bridge for any fungible or non-fungible token used in the Polkadot ecosystem.
Efinity is expected to expand the Enjin Coin and Polkadot network’s utility since it will open up liquidity and connect a broad ecosystem of creators, buyers, and sellers.
Market Participants Have Yet to React
Despite the significance of the announcement, ENJ and DOT have yet to react. These cryptocurrencies have been consolidating within a narrow range without providing a clear signal for where they are heading next.
Enjin Coin’s lackluster price action caused the Bollinger bands to squeeze within the 12-hour chart. Many technical analysts view squeezes as stagnation periods that are usually succeeded by notable price movements. The longer the squeeze, the more violent the breakout that follows.
Given this technical index’s inability to provide a clear path for the direction of ENJ’s trend, the area between the lower and upper band is a reasonable no-trade zone.
Only a 12-hour candlestick close above or below any of these critical price hurdles will determine whether the bulls or bears can take control of Enjin Coin.
ENJ/USD on TradingView
Slicing through the overhead resistance at $2.64 would likely be followed by a spike in buy orders. Under such circumstances, ENJ will resume its uptrend and advance to the 1.272% Fibonacci retracement level at $3.50.
Conversely, a spike in selling pressure that pushes Enjin Coin below the $2.00 support level could lead to a downswing towards the 100 twelve-hour moving average at $1.50.
Patience Is Key
Like Enjin Coin, Polkadot is also going through a stagnation phase. Its price has mostly traded between the $30.00 support and the $39.80 resistance over the past week. Such market behavior led to the formation of a parallel channel on the 12-hour chart.
Each time DOT has risen to the channel’s upper boundary at $39.80 since Mar. 22, a rejection occurs that pushes prices to the lower edge at $30.00. From this point, it tends to rebound, consistent with a channel’s characteristics.
Even though parallel channels offer excellent opportunities to profit given the predictability of the price action, these technical patterns fail to indicate which direction the trend will result. For this reason, experienced traders tend to wait for a clear break outside of the channel before entering a trade.
DOT/USD on TradingView
Two price targets emerge by measuring the channel’s width and adding it to the potential breakout points. On the upside, Polkadot will rise to $53.00 if it slices through the $39.80 resistance. But if DOT closes below the $30.00 support, a downswing to $22.50 can be expected.
Given the indecision that both Enjin Coin and Polkadot present, it is imperative to wait for a decisive 12-hour candlestick close above resistance or below support before entering any trade.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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The cryptocurrency market is waging its usual volatility war again and while some of the top-ranked coins are trading under bearish conditions, a few are taking advantage of the flow to add up some gains. While the entire cryptocurrency market is defined by a similar law of demand and supply, many coins have basic fundamentals and use cases that give them an edge at certain times when the market is experiencing a downturn.
The current rate of growth of Bitcoin and Ethereum is not positively correlated as Bitcoin is down by 3.02% in the past 24 hours to $34,715 at the time of writing according to CoinMarketCap while Ethereum is up by 2.32% to $1,308.19. The majority of the top ten coins trailed the bearish downturn of Bitcoin. However, the tokens Nexus Mutual (NXM), Hedera Hashgraph (HBAR), and Enjin Coin (ENJ) are amongst the biggest earners in the market today.
The Upward Tick Of NXM, HBAR, and ENJ
The Nexus Mutual token is up by 20.42% in the past 24 hours according to CoinMarketCap and it is currently trading at $41.58 per coin. While the NXM token does not enjoy a top ranking in relation to other tokens in the space, its growth over the past month has been impressive. The coin has rallied by 102.4% over the past 30 days and an additional 16.67% in the past week. Apparently, the use of the coin in the governance of the to buy a cover, vote on governance decisions, and participate in Risk and Claims Assessments on the Nexus Mutual Protocol is gaining remarkable traction.
Hedera Hashgraph (HBAR), another favorite in the market today has rallied by 51.75% in the past 24 hours and by 98.83% in the past week. At a current trading price of $0.09406, the HBAR token is obviously trading below its potentials, especially for a coin that is governed by a council of global firms including IBM, Google, Deutsche Telekom amongst others. With the current price action, however, the HBAR token may be attracting new bulls and HODLers.
Enjin Coin is also making noteworthy moves in the market today with a 42.52% surge in the past 24 hours, a surge that consolidates the 150.72% in the past week. For a coin whose mainnet launched back in June 2018, today’s performance may signal a move towards a new horizon for the coin owned by Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products.
Coin’s To Watch For The Rest of The Week
As President Joe Biden takes office today, his appointees including new SEC Chair Gary Gensler will commence acting immediately. With the inherited lawsuit with Ripple, the reports that the new Chair would not be able to save XRP coin may further complicate the dwindling price growth of the coin. Ethereum is also an asset to watch as it soared past and fights to form new support at its all-time high price
