Enjin Coin Price Prediction: Will ENJ Price Touch $10 In 2024?

Enjin Coin (ENJ) is a notable player in the crypto market, particularly due to its unique focus on the gaming industry. Founded in 2009, Enjin began as a gaming community platform but later pivoted to blockchain technology, launching *ENJ* in 2017 through an Initial Coin Offering (ICO). Enjin Coin is significant for several reasons as it is designed to be a utility token that integrates seamlessly with online games. This integration facilitates the creation, distribution, and management of virtual goods, giving gamers and content creators a new level of ownership and transaction capability. The ENJ token is used to back the value of blockchain-based assets, which means every item created within the Enjin ecosystem has real-world value. Enjin Coin represents a bridging of the gap between blockchain technology and the gaming industry. It’s not just a cryptocurrency; it’s part of a larger ecosystem that includes a wallet, a marketplace, and a suite of tools for developers and users.

Predicting the future trajectory of Enjin in 2024 presents a challenge. In the upcoming months, experts are closely monitoring factors such as regulatory developments and the increasing adoption of cryptocurrency payments by institutions. These are crucial in shaping a clearer understanding of the market’s direction. The recent turmoil caused by significant cryptocurrency exchange collapses, notably the FTX incident, has further fueled the momentum for federal regulators to advocate for stricter cryptocurrency regulations. In this article, we’ll explore *ENJ* price prediction and understand the chances of reaching $10 in 2024 with in-depth technical analysis.

Enjin: A Quick Introduction

Enjin, founded in 2009 in Singapore, initially started as a gaming community network and evolved into a dynamic blockchain platform. It made a significant leap following a successful $18.9 million Initial Coin Offering (ICO) in 2017. The platform is dedicated to simplifying the integration of blockchain technology for game developers and gamers. It offers a range of tools, including Software Development Kits (SDKs), APIs, and a specialized blockchain, to ensure a smooth user experience.

Initially part of Ethereum’s ecosystem, Enjin has been instrumental in advancing blockchain technology in the gaming sector. It introduced and helped establish the ERC-1155 token standard in 2019. This innovation allows for both fungible (interchangeable) and non-fungible (unique) tokens to coexist on a single smart contract. This approach enhances both the efficiency and functionality of digital asset management within the gaming community.

To address the challenge of high gas fees on Ethereum, Enjin has developed ‘JumpNet,’ a scaling solution that allows developers to leverage Ethereum’s secure framework without facing excessive costs. Enjin’s ecosystem includes an active marketplace, which has gained significant traction with over a million downloads of the Enjin Wallet and more than 3,000 active projects utilizing its platform.

Enjin is recognized for its contributions to the blockchain and gaming industries. It was one of the early adopters to experiment with Ethereum’s Raiden Network, aiming to enhance scalability. The project also secured a slot on the Polkadot Parachain, which expanded its interoperability capabilities. Moreover, Enjin achieved a significant milestone by gaining regulatory approval in Japan, setting a precedent for gaming tokens within regulatory environments.

In 2023, Enjin announced its ambitious plan to launch the Enjin Blockchain, specifically designed for NFTs and digital assets. Alongside this development, the *ENJ*, initially an ERC-20 token, is expected to transition to this new blockchain mainnet. This migration will maintain a 1:1 ratio, ensuring a seamless transfer for users and stakeholders.

Enjin Coin: Behind The Engine

The Enjin Chain operates using a Proof-of-Stake (PoS) consensus mechanism, allowing individuals to contribute to network security and block creation proportional to their ENJ holdings. This approach enables stakeholders to play an active role in the blockchain’s operation based on the amount of ENJ they possess.

Additionally, ENJ serves as the underlying asset for NFTs minted on the Enjin Network, providing tangible value and stability to these digital assets. Users also have the flexibility to trade, buy, and sell ENJ on various cryptocurrency exchanges, facilitating wider accessibility and liquidity for the token within the digital asset ecosystem.

The Enjin Platform stands out as a robust Platform as a Service (PaaS) solution in the market of blockchain technology, specifically designed to streamline the development and management of blockchain-based games. This platform contrasts sharply with the traditional, more complex approach to blockchain game development, which often involves building and maintaining intricate infrastructures.

Enjin provides an extensive and flexible array of tools and services. These include Blockchain Software Development Kits (SDKs), the Platform API, and automated solutions like the wallet Daemon. These features empower game developers to innovate in the realm of blockchain gaming. Additionally, the platform integrates critical components such as the Enjin Relaychain and Enjin Matrixchain, forming the foundational blockchain infrastructure of the entire ecosystem.

The Enjin Blockchain, governed democratically by Enjin Coin (ENJ) holders and independent of the Enjin company, adopts a decentralized governance model. This system allows anyone to propose changes and participate in voting, promoting an inclusive decision-making process. In July 2023, it was launched with full governance capabilities and without super-user (SUDO) access, ensuring decentralization, transparency, and fairness.

Key features of the Enjin Blockchain include equitable inclusivity, custom chain creation, interoperability, low-cost accessibility, scalability, speed, and regulatory compliance. Its security is fortified by a nominated proof-of-stake mechanism on the Relay Chain, and the rewards system aligns with SEC regulations.

Staking ENJ is simplified via the Enjin Wallet, allowing users to effortlessly contribute to a curated nomination pool with a single click, eliminating the need for manual node selection.

NFT.io represents the newest development by the Enjin team, serving as a comprehensive global NFT marketplace seamlessly integrated with the Enjin Blockchain. Positioned as a robust platform in the NFT space, Enjin ensures a strong and secure basis for NFT.io. As a result, Enjin has robust fundamentals and it might gain acceleration in 2024.

Enjin Coin: Price History

Following its launch in November 2017, the *ENJ* exhibited a sideways price movement for approximately four years, with minor peaks in early January 2018 and March 2019. The significant upward trend for the token emerged at the beginning of 2021.

During 2021, the Enjin token experienced a remarkable surge of 1,799.4%, escalating from $0.136 to $2.5832, fueled by the growing excitement around NFTs. A notable spike occurred in November 2021, with the token’s value increasing by 146.5% from $1.9007 on October 26 to its all-time high of $4.6858 on November 25, 2021. This increase followed a series of positive developments, including the announcement of a $100m Efinity Metaverse Fund, the token’s acceptance on NOWPayments, and its listing on CoinList alongside Axie Infinity’s token (AXS).

However, post-November, the token’s trajectory turned downward, losing 50.7% of its value to $2.3083 by December 20, 2021. A partnership with play-to-earn platform Senzu World and a 1,000 ENJ giveaway on December 22 provided a temporary boost, raising its value to $3.1867 by December 26.

The year 2022 started bearishly for the Enjin token, dropping 41.2% from $2.6887 on January 1 to $1.58 by April 14, amidst negative market sentiment due to geopolitical tensions. Despite this, Enjin continued to release positive news, including a development roadmap with goals such as Efinity.io upgrades, the Alpha release of the Efinity Platform, and security testing for the Enjine Wallet 2.0. However, the collapse of the Terra (LUNA) blockchain in May and the FTX (FTT) exchange bankruptcy in November further impacted the market. By the end of 2022, the value of ENJ plummeted to $0.2411, marking a 90% decline over the year.

Throughout 2023, the overall trend for ENJ has been in decline. However, the year started with a brief upswing, with ENJ surpassing $0.50 in late February, before experiencing another drop. By June 10, amid market chaos triggered by the SEC’s legal actions, ENJ’s value decreased to $0.2375. This legal development overshadowed any positive impact that might have resulted from the launch of the Enjin Chain. Although there was a recovery that brought its value to over $0.343 on July 5, the token faced yet another downturn soon after.

However, in recent weeks, ENJ coin price has been climbing as it touched $0.43 following Bitcoin’s break above $40,000.

Enjin Coin Price Prediction: Technical Analysis

Recently, the *ENJ* price experienced a bullish surge, which has triggered buyers near the immediate resistance levels. The price has made a slow climb above $0.2 as the BTC price touched $40K. However, after surging above the $0.43-mark, ENJ’s price sparked a selling momentum and declined. The price has been facing minor rejections recently as it lost buyers’ confidence following wide market selloff. A thorough technical analysis of the *ENJ* price reveals bullish indicators, which may soon send the price to new highs. 

According to Coinmarketcap, the Enjin price is currently trading at $0.32, reflecting a decrease of 4.5% in the last 24 hours. Our technical evaluation of the Enjin price indicates that the current bullish momentum may soon fade as bears are attempting to reverse the trend from the upcoming resistance at $0.43; however, bulls are trying to prevent the price from dropping below the immediate support level of $0.26. Examining the daily price chart, the *ENJ* price has found support near the 23.6% Fib level, from which the price gained bullish momentum and attempted to break above multiple Fib channels. As ENJ price continues to struggle near the EMA20 trend line following a recent downtrend, buyers are losing confidence to open further long positions and send the price to test its upcoming support level. The Balance of Power (BoP) indicator is currently trading in a negative region zone at 0.45 as sellers are increasing their domination on the price chart.

To thoroughly analyze the price of an *ENJ*, it is crucial to take a look at the RSI-14 indicator. The RSI indicator recently experienced a rebound as the ENJ price failed to hold sellers’ demand near support channels. The trend line is currently hovering below the midline as it trades at level 42, hinting that a minor downward correction is on the horizon. It is anticipated that the ENJ price will soon attempt to break above its immediate Fibonacci level to achieve its short-term bullish goals of around $0.5. If bears fail to plunge below the current 0.038 Fibonacci region, an upward trend might be on the horizon. 

As the SMA-14 continues its swing by trading at 45, it trades slightly above the RSI line, potentially holding promises about the coin’s upward movement on the price chart. If ENJ’s price makes a bullish reversal above $0.43-$0.5, it can pave the way to resistance at $0.58. A breakout above will drive the coin’s price toward the upper limit of the Bollinger band at $0.77 and then to $1.2. 

Conversely, if Enjin fails to hold above the critical support region of $0.3, a sudden collapse may occur, resulting in further price declines and causing the coin’s price to trade near the Bollinger Band’s lower limit of $0.26. If the price fails to continue a trade near that level, it may trigger a more significant bearish downtrend to $0.2.

Enjin Price Prediction By Blockchain Reporter

Enjin Coin Price Prediction 2023

As per the forecast price and technical analysis, in 2023, the price of *ENJ* is predicted to reach at a minimum level of $0.3351. The ENJ price can reach a maximum level of $0.3809 with the average trading price of $0.3703.

Enjin Coin Price Prediction 2024

The price of Enjin Coin is predicted to reach a minimum level of $0.5092 in 2024. The *ENJ* price can reach a maximum level of $0.6252 with the average price of $0.5277 throughout 2024.

ENJ Price Forecast for 2025

Enjin Coin price is forecast to reach a lowest possible level of $0.7555 in 2025. As per our findings, the ENJ price could reach a maximum possible level of $0.8904 with the average forecast price of $0.7819.

Enjin Coin (ENJ) Price Prediction 2026

According to our deep technical analysis on past price data of ENJ, in 2026, the price of *ENJ* is forecasted to be at around a minimum value of $1.09. The Enjin Coin price value can reach a maximum of $1.27 with the average trading value of $1.13.

Enjin Coin Price Prediction 2027

The price of *ENJ* is predicted to reach a minimum value of $1.56 in 2027. The Enjin Coin price could reach a maximum value of $1.91 with the average trading price of $1.62 throughout 2027.

Enjin Coin Price Prediction 2028

According to our deep technical analysis on past price data of ENJ, in 2028, the price of Enjin Coin is predicted to reach at a minimum level of $2.25. The ENJ price can reach a maximum level of $2.75 with the average trading price of $2.33.

Enjin Coin (ENJ) Price Prediction 2029

*ENJ* price is forecast to reach a lowest possible level of $3.24 in 2029. As per our findings, the ENJ price could reach a maximum possible level of $3.97 with the average forecast price of $3.35.

Enjin Coin Price Forecast 2030

As per the forecast and technical analysis, in 2030, the price of *ENJ* is expected to reach a minimum price value of $4.66. The ENJ price can reach a maximum price value of $5.70 with the average value of $4.82.

Enjin Coin (ENJ) Price Prediction 2031

The price of Enjin Coin is predicted to reach a minimum value of $6.70 in 2031. The Enjin Coin price could reach a maximum value of $8.16 with the average trading price of $6.94 throughout 2031.

Enjin Coin Price Prediction 2032

The price of 1 Enjin Coin is expected to reach a minimum level of $9.90 in 2032. The ENJ price can reach a maximum level of $11.64 with the average price of $10.18 throughout 2032.

Is Enjin Coin A Good Investment? When To Buy?

Determining the right time to invest in Enjin Coin (ENJ) is challenging at present. While there’s a common strategy to buy during price dips, the duration of ENJ’s current dip and its potential recovery level are uncertain, including whether it will recover at all. Therefore, it’s essential to conduct thorough research before investing in ENJ.

This research should not only focus on *ENJ* but also encompass other related cryptocurrencies, like Immutable X (IMX). Additionally, it’s crucial to adhere to the fundamental investment principle of never allocating more funds than you can afford to lose. However, an investment at around $0.25 might turn profitable in the long term.

Conclusion

Mirroring the overall market trends, Enjin Coin experienced a significant peak in 2021, followed by a bearish period through 2022 and 2023. Currently trading near a crucial support level, the coin’s short-term outlook remains uncertain, influenced by market sentiment and investor activity.

ENJ’s engagement in real-world applications, such as tourism, and its forward-looking projects with Efinity, present potential for its future growth. These initiatives could enhance the coin’s resilience and boost user adoption.

Despite these optimistic developments, the broader market conditions, as reflected by the Bitcoin Fear and Greed Index, suggest a prevailing sense of caution among investors.

Additionally, given the inherent volatility of the cryptocurrency market, investors are advised to diversify their portfolios as a risk mitigation strategy. However, making informed choices in a market that offers over 10,000 different cryptocurrencies presents its own set of challenges.