Enjin (ENJ) price analysis after current sell-off

Enjin ENJ/USD has weakened from its recent highs above $2, registered on February 09, 2022, to $1.16, while the current price stands at $1.54.

For now, bears control the price action, the critical support level stands at $1, and if the price breaks it, it could be the beginning of a bigger downtrend.

Enjin makes the gaming experience easy

Enjin is an online gaming community creation platform built on the Ethereum blockchain that aims to make an ecosystem for exchanging non-fungible tokens (NFTs) easily.

Using the Enjin platform, users can easily manage, distribute, and trade their virtual goods (NFTs). To trade assets across communities, users have to convert digital goods (like artwork and gaming collectibles) into a unique token, and they can mint their NFTs on Enjin by binding them into smart contracts.

In this way, users can grow their digital wallets with real value rather than centralized rewards locked on one platform. Enjin’s team added:

NFTs created with Enjin use a standard called ERC-1155, which was developed by Enjin’s team and is distinct from the more common ERC-721 standard. ERC-1155 allows users to create assets like real estate, digital art, gaming items, etc. Unlike traditional smart contract standards, a user can define both non-NFTs and NFTs under a single, smart contract using the ERC-1155 standard. 

Enjin makes the gaming experience easy and provides crypto-backed tools like software development kits (SDKs), wallets, game plugins, virtual item management apps, along with a payment gateway platform.

Enjin is the first NFT company accepted into the United Nations Global Compact, and the team behind Enjin believes that blockchain and non-fungible tokens (NFTs) are the future of our entire world.

ENJ is the native token of the Enjin platform, and it is important to mention that since Enjin is built on Ethereum, ENJ is an ERC-20 token, which means that it can be traded with other tokens on the Ethereum blockchain.

Technical analysis

Data source: tradingview.com

Enjin (ENJ) has extended its correction from the recent highs, but if the price jumps again above $2 resistance, it would be a signal to buy ENJ.

The next price target could be around $2.5 or even $3; still, if the price falls below $1 support, it would be a strong “sell” signal.

Summary

Enjin is an online gaming community creation platform built on the Ethereum blockchain that aims to make an ecosystem for exchanging non-fungible tokens (NFTs) easily. Enjin (ENJ) was a bad performer during the last two weeks, and technically looking, it still remains under pressure.

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