Enjin is a gaming community platform with more than 260,000 members online and 19 million registered gamers. ENJ is a cryptocurrency for virtual goods created on the platform.
It offers software development kits that game developers can use in their games. Bringing blockchain technology into their games helps them to reduce higher fees and avoid fraud of transfers.
It is an ERC-20 token built on the Ethereum platform. It acts as a smart contract and provides features to the game developer in the form of public API and SDKs.
It gives the opportunity to create a currency for the games, which is backed by Enjin Coin. The developers will get all the benefits of a blockchain, such as security, low fees, speed, transaction facilities, etc., which gives a better user experience in their games.
The payment gateway is user-friendly that allows the developer to create customized invoices, carts, and refunds on the platform. Besides that, it also allows accepting Enjin coins for their payments.
The Smart Wallet feature enables an automatic payment system on the games and websites that offers faster transactions and secure payments than other normal subscription services.
With Smart Wallet, users can trade coins and send payments outside of the gaming environment through a transaction request that other parties can deny or approve. You can also set limits and rules to prevent unauthorized transactions.
Enjin Coin Price Analysis
At the time of writing this analysis, the ENJ price is trading around $1.68. After making lower lows throughout December, it has been consolidating around the $1.20 level. Now it has started a short-term upward movement. It has taken support around the $1.54 level, so if it takes a downturn, it will not cross that level.
On the daily chart, MACD shows a bearish crossover, but RSI is stable around 50. Today’s candle is forming around the baseline of the Bollinger Band, which suggests neutral views on this chart. However, on the upper side, the $1.88 level will work as a resistance level.
We have to analyze the long-term view to suggest a buy/sell call. On the weekly chart, it seems like a consolidation phase, where it has formed a weekly red candle around the resistance level. If it goes down, it will take support at the $1.30 level. We think it will be a good time to buy this coin for the long term. Moreover, it is not an ideal chart for short-term investment. Though if you want to take a risk, you can invest with a target of $1.88 and keep a stop loss of around $1.40. Please follow our website to get the latest updates on crypto markets.
