• Enjin’s price forecast: ENJ seems to be taking a turn on the weekly time frame.
• A new announcement has been made of launching Matrixchain, the market reacts.
• Long term trend stays bearish, see what’s up for this year.

Enjin Announces the Released of the Enjin Blockchain and Matrixchain

Enjin recently released its own blockchain which is built on an Open source substrate framework. This framework uniquely caters to Non-Fungible Tokens (NFTs). In a departure from competitors who rely on smart contracts, Enjin has seamlessly integrated creation and usage into foundational code. This approach ensures scalability and adaptability to future market demands.

The newsletter of Enjin also puts light on the development of “Matrixchain” which claims to utilize the native token ENJ as the native currency and will be aiming to be the primary platform for end user community when creating NFTs and digital items.

ENJ‘s Price Previous Action and ForecastingPrevious Action

After the highly volatile markets during the crypto boom where the prices were reaching sky high, the ENJ coin, after making a downward curve during March 2022, took a huge fall from $1.97 to $0.4633 in the month of June last year. After that it capped at $0.7104 to a floor of $0.2373. 

Current Action and Prediction

Currently, the situation lies between an immediate support of $0.2372 and a Resistance of $0.4888 which is creating an immediate consolidation zone. If broken a more strong and confirmed support awaits on the level of $0.1180 and a resistance at $0.7104

looking at the current downtrend this is what is likely to happen, but as the support 2 below is very strong the bears will respect that. The situation will be the same in the above resistance (R2) it is a confirmed and strong resistance. 

Although by the end of this year, it is predicted that the stock will stay in the zone of support 2 and even surpass the resistance 2 at $0.7104. Such a shift, however, is contingent upon a substantial reversal, as the price remains beneath both the 100-day moving average (DMA) and 200 DMA. 

Conclusion

Enjin recently has launched its own blockchain which is built on an Open source substrate frame work which focuses towards Non- Fungible Tokens (NFTs), and planning to launch matrixchain which will utilize the native token for creating a primary platform for the end user community.

Currently a bearish trend is seen in the market as the price is below the 100 DMA and below the 200 DMA a firm support is seen which is unlikely to be broken.

Technicals Insights 

Support: $0.2373, $0.1180

Resistance: $0.4888′, $0.7104

RSI: 42

100 DMA $0.6642

200 DMA $0.6734