Enjin Coin Price Prediction as ENJ Pumps, But Bulls Fail to Retake 200DMA

Join Our Telegram channel to stay up to date on breaking news coverage

Enjin Coin, the crypto token that powers Enjin’s ecosystem of interconnected, non-fungible token (NFT)/gaming-focused blockchain-based applications, has been pumping on Wednesday. Amid a spike in trading volumes – which are currently around $170 million in the last 24 hours, according to CoinMarketCap, which amounts to around 44% of the cryptocurrency’s market capitalization – ENJ/USD has risen over 7% on the day.

The cryptocurrency was last changing hands close to $0.3850, having been as high as $0.43 earlier in the session. Profit-taking ahead of the 200-Day Moving Average at $0.44 eventually resulted in ENJ pulling back from intra-day highs. Nonetheless, ENJ’s gains on the month still stand at around 60%.

Enjin Coin has benefitted in tandem with broader cryptocurrency markets from an easing of the macro headwinds that were behind 2022’s viscous drawdown. More specifically, further evidence that US price pressures are easing faster than expected and the US economy is slowing faster than expected is leading macro traders to revise lower their expectations for the Fed’s tightening plans in the coming quarters.

Some traders said that a recent positive announcement from Enjin developers contributed to the pump on Wednesday. Enjin recently released its wallet 2.0 on iOS and Android.

Our first developer update of the year is a big’n!

Not only is Enjin Wallet 2.0 out on iOS and Android, we’ve also got:

✅ Better Beam support on @nft_io
✅ Lots of updates for the Enjin Platform
✅ Minor fixes in the SDK

Visit ? https://t.co/WAPjuvgbxd pic.twitter.com/l6N5JYBhcj

— Enjin I We're Hiring ? (@enjin) January 17, 2023

Price Prediction – Where Next for ENJ?

It’s too early to say whether ENJ’s latest pump can translate into a longer-lasting technical rally. Yes, the cryptocurrency’s gains since the start of the year have seen it 1) break above a long-term downtrend, 2) break above its 21, 50 and 100DMAs and 3) break above important resistance at $0.38.

However, the failure to get above the 200DMA means that the bulls out to remain cautious. ENJ will need to sustain a push above $0.44 if it is to open up the possibility of a longer-lasting push towards the pre-FTX collapse highs in the $0.52 area, or towards the important long-term support turned resistance done just above $0.70.

Altcoins to Consider

Cryptocurrency markets have been performing well since the start of 2023, but the longer-term bear market remains very much still in play. Investors might still want to consider diversifying their holdings with the discounted presale tokens of some promising, up-and-coming crypto projects. Here is a list of a few that analysts at InsideBitcoins think have the potential to perform well.

FightOut (FGHT) – Presale on Now

The young move-to-earn crypto niche has shown a lot of promise, but early success stories like STEPN have significant limitations that have, so far, prevented them from conquering the mainstream. FightOut, which touts itself as the future of move-to-earn, wants to change that in 2023. FightOut is a brand new web3 fitness application and gym chain that rewards its users for working out, completing challenges and competing within a first-of-its-kind fitness metaverse.

While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part. FightOut seeks to combine the physical and web3 worlds.

The project aims to eventually acquire gyms across all of the world’s major cities, whilst simultaneously promoting an integrated web3 fitness experience. At the center of FightOut’s digital ecosystem will be its smartphone application which, according to FightOut’s whitepaper, is scheduled for launch in Q2 2023.

The FightOut app will harness smartphone and wearable technology to measure and track physical performance. The app will have its own in-house tokenized economy, where users can earn rewards for completing M2E tasks, and can mint their own soul-bound token avatar, through which the user will be able to interact with the FightOut metaverse.

FGHT is the token that powers the FightOut metaverse ecosystem. Users will pay to enter competitions and leagues with FGHT, and winning will be paid out in FGHT.

FGHT can also be used in peer-to-peer fitness wagers. FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $3.0 million in just a few weeks. FGHT is the token that will power the FightOut crypto ecosystem.

Visit FightOut Now

Calvaria (RIA) – Pre-sale Nearly Over

RIA, the token that will power afterlife fantasy-themed NFT battle card game Calvaria, is also currently in presale. The play-to-earn (P2E) crypto gaming start-up has raised close to $3.0 million in just a few months since the launch of its pre-sale. Only around 12% of its tokens remain up for grabs.

Calvaria seeks to bring crypto gaming into the mainstream by tapping into a huge, existing market – the market for physical battle card games (think viral sensations of the past like Pokemon and Yu-Gi-Oh). And with the crypto gaming space expected to grow from $4.6 billion in size in 2022 to $65.7 billion in size by 2027, according to an analysis by Markets and Markets, there is plenty of room for massive growth. Calvaria is set to launch its headline fantasy-themed card game “Duels of Eternity” in Q2 2023.

Visit Calvaria here

C+Charge (CCHG) – Presale Now On

The carbon credit industry is projected to be worth $2.4 trillion by 2027. Democratizing access to accrue these benefits is going to massive business in the years ahead and this is something crypto start-up C+Charge hopes to achieve. C+Charge is currently building a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will allow the drivers of electric vehicles (EVs) to earn carbon credits.

C+Charge aims to boost the role of carbon credits as a key incentive for the adoption of EVs. At present, large manufacturers of EVs like Tesla earn millions from selling carbon credits to polluters. C+Charge wants to democratize the carbon credit market by allowing more of these rewards to find themselves in the hands of the EV owners, rather than just the big businesses.

C+Charge has just started its pre-sale of the CCHG token that its platform will use to pay at EV charging stations. Tokens are currently selling for $0.013 each, though by the end of the presale, this will have risen by 80%. Investors interested in getting in early on a promising environmentally friendly cryptocurrency project should move fast, with the project having already raised over $300,000 in just a few weeks since the presale launch.

Investors should note that the remaining tokens could be scooped up quickly. A crypto whale recently scooped up over $99 worth of CCHG in one transaction, as can be verified here on BscScan.

Visit C+Charge here

Smog (SMOG) - Meme Coin With Rewards

Rating