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Enjin was founded in 2009 as a gaming platform by Maxim Blagov and Witek Radomski. Since then, the platform has grown into a large ecosystem of gaming communities.
The native token with which the platform is operated is ENJ. It is used as a digital security, more precisely to secure the value of virtual assets. Since the project is located in an extremely lucrative area, the ENJ token has great potential. We are making an informed forecast for the ENJ course in 2022.
The biggest specialty of Enjin is the Enjin network, a platform for social games. The network enables users to create their own games and in return own the virtual items in those games. Therefore, the network is compatible with non-fungible tokens (NFTs). Within the Enjin ecosystem, users can transfer their NFTs from game to game, creating cross-gaming compatibility that is unique in the game industry .
The network was originally only intended for community building, but has grown considerably in the meantime and now has more than 20 million users . Some of the products offered by the platform are:
The native token for the platform is Enjin Coin (ENJ) . It was announced in July 2017 and introduced in June 2018. ENJ is an ERC20 token, which means that it is compatible with the Ethereum (ETH) blockchain.
ENJ is mainly used as a digital depository. More specifically, the token secures the value of virtual assets such as NFTs. Every asset minted on the Enjin platform contains ENJ which are then withdrawn from the entire circulating pool. This effectively makes it a deflationary asset.
The ENJ tokens were first released to the public in September 2017 as part of a pre-sale. A total of 400 million ENJs sold while 100 million were given out as rewards. An ICO was then held in October 2017, at which 300 million ENJ were distributed. Overall, ENJ's offer is limited to 1 billion. However, as more and more of these tokens are tied up in assets, the total number of tokens in circulation will decrease.
ENJ Analysis
The ENJ price has fallen significantly since its all-time high on November 24th. The ENJ rate is currently 39% below this high. More importantly, the token broke an ascending support line on December 3rd, ending an upward move that had been ongoing since early November.
Additionally, the ENJ price is also below the $ 3.95 range. This is a crucial area of resistance as it previously marked April's all-time high. Because of the ongoing decline, the November breakout is only a shade above this range. The ENJ price has to regain this level for the trend to continue to be bullish.
ENJ price prediction for 2022
Bullish market cycles typically have five waves. Three of them are directed upwards while two are directed downwards. The first upward movement took place from April to August 2020. It lasted 164 days and reached a magnitude of 700%. The second movement took place over a similar period of time, more precisely 156 days. However, it was much steeper with a growth of 3500%. The third upward movement began in June 2021 and ended in the current all-time high. This movement lasted 156 days, with a growth of 533%. In terms of size, it was the shortest of the three movements and was very similar to the first.
This is not uncommon as the third wave is usually the strongest. Hence, it is possible that the market cycle for ENJ has come to an end. In this case, the $ 0.72 area would likely serve as support as it is the 0.382 fib retracement level when looking at all of the bullish move. However, the trend line since the beginning of the year (white) is still intact. Therefore, if the current upward move continues, it is possible that the ENJ price will hit highs near USD 15 (red circle) before a significant correction occurs.
2022 could be an important year for Enjin
As the uses of blockchain in gaming increase from week to week, 2022 holds significant potential for an established project like Enjin. The development cycle and partnerships will play a role in growth and awareness, and compelling past publications and collaborations point to a prosperous 2022. The Enjin price prediction for 2022 shows that investors should keep an eye on the token and the project, among other things as NFTs and gaming take over the sector.
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