X

Elijah from Houston

Signed up at Eternal Slots 16 minutes ago.

» Try Eternal Slots too
Do not show again

Enjin (ENJ) has weakened more than 15% since February 23, falling from $0.56 to a low of $0.45. The current price of ENJ stands at $0.47, which is more than 80% off from its 2022 highs that were registered in January.

But where is the price of Enjin (ENJ) going next, and what can we expect from March 2023?

Today, Stanko from the Crypto Lists website will discuss Enjin (ENJ)  price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Enjin: an online gaming community platform

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. This project was created as a complete ecosystem that allows anyone to jump into the world of blockchain, regardless of their knowledge of how it works.

Using the Enjin platform, users can easily manage, distribute, and trade their virtual goods (NFTs) and what makes Enjin unique is the fact that every token minted with the Enjin Platform is directly backed by ENJ, the platform’s token. It essentially gives in-game items real-world liquidity, which then opens up the possibility for crypto-powered and blockchain gaming and gamified real-world platforms.

Enjin helps its users to generate new revenue streams and accelerate their company’s growth; artists can create digital art and monetize it, musicians can create music and turn it into a powerful token, gamers can earn by playing video games, and lots more. Millions of people already use Enjin’s products, and it is important to say that Enjin provides crypto-backed tools like software development kits (SDKs), wallets, game plugins, virtual item management apps, along with a payment gateway platform.

There are already many projects on this platform, and Enjin has cooperated with various well-known multinational corporations, including Microsoft, Samsung, BMW, Aave Protocol, and Atari. The popularity of this project is rising, but the future success of Enjin also depends on the competitors’ moves, and we can also not forget that regulations on the cryptocurrency market can be a threat to this cryptocurrency.

Enjin Coin (ENJ) is an ERC20 token that powers the Enjin platform, and there are many wallets that can store Enjin Token as the infrastructure around ERC-20 tokens is well-developed. Enjin tokens can be mined, but since Enjin runs on a PoW consensus algorithm, users can not stake Enjin tokens.

The beginning of the 2023 year has been very successful for ENJ; however, the trend has changed in the last several days. Enjin Coin (ENJ) has weakened more than 15% since February 23, and the risk of further decline for ENJ is not over.

Rating: 8.83/10
Supply: 843,921,024 / 10,000,000,000
Release date: November 3, 2017

Description: Buy Enjin coin today!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Fed to hold rates at restrictive levels for longer?

Data on Wednesday showed the two-year Treasury yield jumped to a 2007 high after manufacturing data indicated stubbornly high inflation, while comments from Federal Reserve policymakers maintained a hawkish policy stance. Because of this, investors started to worry that the US central bank might raise interest rates by 50 bps in March, and analysts expect that Fed will hold interest rates at restrictive levels for longer.

The Institute for Supply Management’s survey reported that prices for raw materials increased last month, and the yield on 10-year notes topped 4% for the first time since November, reaching a high of 4.006%. The two-year treasury yield typically moves in step with interest rate expectations, and Scott Wren, a senior global market strategist for Wells Fargo Investment, said that financial markets are likely to experience market turbulence in the upcoming weeks.

“The 10-year Treasury is up, and that is just a natural headwind to stocks and cryptocurrencies valuations. You also got a tick-up in the ISM prices paid, which means that prices generally are rising now for manufacturing. It just means that the Federal Reserve is likely to push further into restrictive territory with their policy and stay there longer.”

 

– Matt Stucky, Senior Portfolio Manager, Northwestern Mutual Wealth Management

Further fueling concerns about central bank aggressiveness, Minneapolis Fed President Neel Kashkari said that a 50 basis point rate hike in March is possible, while Atlanta Fed President Raphael Bostic said that the aggressive policy could remain in the whole 2024. US monthly payrolls and consumer prices data in the coming days will further help investors to figure out what to expect from Fed’s March 21-22 meeting.

The cryptocurrency market is still heavily correlated to equities and vulnerable to macro market shifts, while multiple data also points hint that Bitcoin might still not reach the bottom. The upside potential for the price of Enjin Coin (ENJ) probably remains limited in March 2023, and traders should keep Bitcoin on their watchlist while placing a short position toward the area.

Technical analysis for Enjin (ENJ)

Enjin Coin (ENJ) has weakened from $0.56 to $0.45 since February 21, 2023, and the current price stands at $0.47. Enjin Coin (ENJ) might have a hard time holding above the $0.45 level in the upcoming days, and a break below this level would indicate that ENJ could probably test the price level at $0.40.

Technical analysis for Enjin (ENJ)

Important support & resistance levels for Enjin (ENJ)

Important support & resistance levels for Enjin (ENJ)

On this chart (the period from October 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Enjin Coin (ENJ) has weakened from its recent highs, but if the price advances again above the resistance that stands at $0.56, the next target could be $0.60. The current support level is $0.45, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.40. If the price drops below $0.40, which represents an important psychological support level, the next target could be located around $0.35 or even below.

What speaks for the rise in the Enjin (ENJ) price?

The upside potential for Enjin (ENJ) probably remains limited for March 2023; still, if the price advances above the resistance that stands at $0.55, the next target could be resistance at $0.60. Traders should also consider that the price of Enjin (ENJ) is correlated with Bitcoin, and if the price of Bitcoin jumps above the $25000 resistance again, we could see ENJ at higher price levels.

What indicates further downfall for Enjin (ENJ)?

Latest economic data from the United States indicates that the Federal Reserve is likely to push further into restrictive territory with their policy, and there is a big chance that the US central bank might raise interest rates by 50 bps this month. Because of this, the consensus appears that the price of ENJ could drop even more in the upcoming days.

The price has stabilized now above $0.45 support, but a break below this level would indicate that ENJ could probably test the important support level that stands at $0.40. The price of Enjin (ENJ) is correlated with the price of Bitcoin, and when the price of Bitcoin drops, that usually has a negative influence on the price of ENJ.

What do analysts and experts say?

Analysts and experts warn that the US central bank might raise interest rates by 50 bps this month and expect that Fed will hold interest rates at restrictive levels for a longer period. Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management, said that this is negative for prices of stocks and cryptocurrencies, and the Enjin Coin (ENJ) might have a hard time holding above the current price levels in the upcoming days.

While the rate increases are intended to tame inflation and thus help the economy, investors are worried that an aggressive interest rate policy could tip the economy into a deep recession. American investor Jeffrey Gundlach said that he would not be surprised to see Bitcoin below $20,000 in the upcoming weeks, and if this happens, we could see Enjin Coin (ENJ) below $0.40.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top