Enjin ENJ/USD fell from $1.77 to $1.18 in a matter of days, and it is now trading around $1.33.
Witek Radomski and Maxim Blagov co-founded the Enjin Network in 2009. It started out as a social game system. In 2017, the network held an initial coin offering (ICO) for the Enjin coin.
The fact that Enjin is the first NFT Company to be accepted into the United Nations Global Compact demonstrates the project significance. Enjin is a supporter of the UN Global Compact corporate responsibility initiative. The goal of this project is to create an ecosystem for easily exchanging non-fungible tokens (NFTs).
The Enjin team believes that blockchain and non-fungible tokens (NFTs) are the future of our entire world. Having said that, the responsibility to ensure that the future of NFTs is sustainable and equitable for all participants.
What is Enjin Coin (ENJ)?
Enjin Coin (ENJ) is a token that powers the Enjin Network. It is important to note that ENJ is an Ethereum-based cryptocurrency that is used to directly back up the value of next-generation NFTs. Enjin helps you develop new sources of revenue and accelerate your company’s growth. Done while millions of people use Enjin’s product lines to manage, create, and trade fungible and non-fungible tokens.
The possibilities are endless. Firstly, gamers can earn money by playing video games. Secondly, digital artists can monetize their work. Thirdly, musicians can turn their music into a powerful token, and so on. There are already several projects on the Enjin platform. The majority of focused on gaming and enterprise. However, you can tokenize anything from old comic books to real estate as well as physical products.
Summary
Fundamentally, there is still uncertainty surrounding this project, and its success is primarily dependent on its strategy for increasing market influence. Enjin Coin (ENJ) remains under pressure from a technical standpoint, and if you decide to purchase this cryptocurrency in October 2021, you should use a stop-loss order because the risk remains high.
If it is broken, the next target could be around $1. Enjin Coin (ENJ) is currently trading very close to its current support level of $1.20, and if the price rises above $1.60, the next target could be around $1.80, but traders should use stop-loss and take-profit orders when opening positions due to the high risk.
The cryptocurrency market is still volatile and now is most likely not the best time to buy Enjin Coin (ENJ). ENJ’s stock is trading extremely close to an existing support standard of $1.20, and if that level is breached, the next main focus could be around $1.
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