Enjin Coin (ENJ) Price Prediction 2023 — Will ENJ Hit $2 Soon?
- Bullish ENJ price prediction is $0.3993 to $1.2673.
- Enjin Coin (ENJ) price might also reach $2 soon.
- Bearish ENJ price prediction for 2023 is $0.2391.
In Enjin Coin (ENJ) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and other information about ENJ to analyze the future movement of the cryptocurrency.
Enjin Coin (ENJ) Current Market Status
| Current Price | $0.419869 |
| 24 – Hour Trading Volume | $169,204,043 |
| 24 – Hour Price Change | 91% down |
| Circulating Supply | 1,000,000,000 |
| All – Time High | $4.82 (On November 25, 2021) |
What is Enjin Coin (ENJ)?
Enjin Coin (ENJ) is an ERC-20 token native to the Enjin platform, a gaming community platform. It was launched in 2017 on the Ethereum blockchain. The transactions of ENJ are secured in the network by the proof-of-work (PoW) mechanism.
ENJ is used to buy, sell and trade NFTs in the Enjin ecosystem. Thus, these tokens serve primarily as utility tokens for backing NFTs. Users and developers can use Enjin (ENJ) to mint and create unique in-game NFTs. Along with ENJ, the Enjin ecosystem also has another token called Efinity token (EFI) which is the governance token of the native decentralized Enjin metaverse.
Enjin ecosystem enables users to utilize its native blockchain products to create unique NFTs for businesses and especially in the gaming industry.
Enjin Coin (ENJ) Price Prediction 2023
Enjin Coin (ENJ) holds the 91st position on CoinGecko right now. ENJ price prediction 2023 is explained below with a daily time frame.
The above chart of Enjin Coin (ENJ) laid out a descending channel pattern. Descending channel also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
Currently, Enjin Coin (ENJ) is in the range of $0.4125. If the pattern continues, the price of ENJ might reach the resistance levels of $0.3697, $1.163, $0.5027 and $0.7520. If the trend reverses, then the price of ENJ may fall to $0.2329.
Enjin Coin (ENJ) Support and Resistance Levels
The chart below shows the support and resistance levels of Enjin Coin (ENJ).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels for Enjin Coin (ENJ).
| Resistance Level 1 | $0.3993 |
| Resistance Level 2 | $0.7564 |
| Resistance Level 3 | $1.2673 |
| Support Level | $0.2391 |
The charts show that Enjin Coin (ENJ) has performed a bullish trend over the past month. If this trend continues, ENJ might run along with the bulls overtaking its resistance level at $1.2673.
Accordingly, if the investors turn against the crypto, the price of Enjin Coin (ENJ) might plummet to almost $0.2391, a bearish signal.
Enjin Coin (ENJ) Price Prediction 2023 — RVOL, MA, and RSI
The Relative Volume (RVOL) of Enjin Coin (ENJ) is shown in the chart below. It is an indicator of how the current trading volume has changed over a period of time from the previous trading volume. Currently, the RVOL of ENJ lies below the cutoff line, indicating weak participants in the current trend.
Also, the Moving Average (MA) of Enjin Coin (ENJ) is shown in the chart above. Notably, Enjin Coin (ENJ) price lies above 50 MA (short-term), so it is in an uptrend. Currently, ENJ is in bearish state. Therefore, there is a possibility of a reversal trend of ENJ at any time.
Meanwhile, the relative strength index (RSI) of the ENJ is 77.74. This means that Enjin Coin (ENJ) is in an overbought state. However, this means a major price reversal of ENJ may occur in the upcoming days. So, traders need to trade carefully.
Enjin Coin (ENJ) Price Prediction 2023 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Enjin Coin (ENJ). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Enjin Coin (ENJ). Currently, the ADX of ENJ lies in the range of 46.5838 and thus, it indicates a strong trend.
The above chart also represents the Relative Volatility Index (RVI) of Enjin Coin (ENJ). RVI measures the constant deviation of price changes over a period of time. The RVI of ENJ lies above 50, indicating high volatility. In fact, the RSI of Enjin Coin (ENJ) is at 77.74 thus confirming a potential buy signal.
Comparison of ENJ with BTC, ETH
The below chart shows the price comparison between Bitcoin (BTC), Ethereum (ETH), and Enjin Coin (ENJ).
From the above chart, we can interpret that the price action of ENJ is similar to BTC and ETH . This indicates that when the price of BTC and ETH increases or decreases, the price of ENJ also increases or decreases respectively.
Enjin Coin (ENJ) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Enjin Coin (ENJ) between 2024 and 2030.
Enjin Coin (ENJ) Price Prediction 2024
With several upgrades in the network, Enjin Coin (ENJ) might enter a bullish trajectory. If the coin grabs the attention of major investors, ENJ might rally to hit $6 by 2024.
Enjin Coin (ENJ) Price Prediction 2025
If Enjin Coin (ENJ) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 7 years, ENJ would rally to hit $9.
Enjin Coin (ENJ) Price Prediction 2026
If Enjin Coin (ENJ) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 4 years, ENJ would rally to hit $12.
Enjin Coin (ENJ) Price Prediction 2027
If Enjin Coin (ENJ) sustains major resistance levels and continues to be recognized as a better investment option among the investors for the next 5 years, ENJ would rally to hit $16.
Enjin Coin (ENJ) Price Prediction 2028
Enjin Coin (ENJ) holds up a strong stance as a better investment option for the next 6 years amid the trends in the highly-volatile crypto market. By driving significant price rallies, ENJ would hit $20. in 2028.
Enjin Coin (ENJ) Price Prediction 2029
If investors flock in and continue to place their bets on Enjin Coin (ENJ), it would witness major spikes. ENJ might hit $23 by 2029.
Enjin Coin (ENJ) Price Prediction 2030
With greater advancements in the Enjin Ecosystem, the crypto community might continue to invest in ENJ for the next 8 years and drive significant price rallies for the token. Hence, Enjin Coin (ENJ) might hit $26 by 2030.
Conclusion
With continuous improvements in the Enjin network, we can say that 2023 is a good year for ENJ. For this reason, the bullish price prediction of Enjin Coin (ENJ) in 2023 is $1.2673. On the other hand, the bearish price prediction of Enjin Coin (ENJ) price prediction for 2023 is $0.2391.
Furthermore, with the advancements and upgrades to the Enjin ecosystem, the performance of ENJ would help to reach above its current all-time high (ATH) of $4.82 very soon. But, it might also reach $2 if the investors believe that ENJ is a good investment in 2023.
FAQ
Enjin Coin (ENJ) is the native cryptocurrency of the Enjin Coin Network. It was launched as an ERC-20 token in 2017. It majorly is deployed in backing the NFTs in the gaming platform associated with Enjin.
Enjin Coin (ENJ) has been listed on many crypto exchanges which include Binance, Coinbase Exchange, Bithumb, Kucoin, and Kraken.
With the ongoing developments and upgrades within the Enjin Network platform, Enjin Coin (ENJ) has a high possibility of reaching its ATH soon.
On November 25, 2021, Enjin Coin (ENJ) reached its new all-time high (ATH) of $4.82.
Enjin Coin (ENJ) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of Enjin Coin Network in the past few months, ENJ is considered a good investment in 2023.
Enjin Coin (ENJ) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Enjin Coin (ENJ) will hit $2 soon.
Enjin Coin (ENJ) price is expected to reach $6 by 2024.
Enjin Coin (ENJ) price is expected to reach $9 by 2025.
Enjin Coin (ENJ) price is expected to reach $12 by 2026.
Enjin Coin (ENJ) price is expected to reach $17 by 2027.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/enjin-coin-enj-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
