- How Enjin is providing an escrow-based marketplace to its community.
- The price is looking to break a close resistance level. Is this the time to buy?
Enjin is a blockchain-driven development platform that offers the ability to produce the various digital assets like DApps, NFT games, etc. Users can design them and then trade them on the platform using a token called ENJ which is the native token of the Enjin community. Gaming is something that has been majorly focused on by Enjin.
The company’s launch goes back to 2009 where it used to provide services like development of forums, websites. etc. It was in 2017 that Enjin came into the blockchain world after launching its own ERC token.
How does it work?
The Enjin platform focused on making the process of managing and creating virtual goods easier, where game items like in-game characters and objects are stored in the form of redeemable tokens.
There are numerous services offered on the Enjin platform such as the tools for creating games, NFTs, and more. The difficulty of managing and creating these assets has been constantly reduced to help developers.
Enjin keeps its transactions cheaper because of the Jumpnet integration which is an ethereum scaling solution. The developers of Enjin are also allowing fellow gamers to create their own tokens which will be backed by ENJ.
The Enjin platform also possesses some useful features:
Escrow-based marketplace: An escrow-based marketplace is hosted by Enjin for allowing users to make secure transactions. These are supported by high security for the exchange of in-game assets and coins.
API accessibility: A public platform API is made accessible for game and Ethereum developers so that they can check their account status without any additional steps. The API operates on the JSON-RPC platform.
Smart wallet: A smart wallet is also supported by Enjin that helps to bring together different games and applications and it also has certain unique features.
Enjin’s Historical Pricing and Technical Insights
A year ago, the price of the coin was at $0.58 and from there, the price declined all the way down to $0.235 in the last days of December 2022. Although the new year celebrations for this coin saw buyers pushing the price in January 2023, the price was at $0.54 in February 2023. Since then, the price has been falling constantly.
The current price is in a downtrend, aligned with the 200-day MA, while encountering significant resistance at $0.35 and $0.47. There are also two crucial support levels ahead at $0.23 and $1800.
The current price shows a neutral consolidation according to the RSI. A potential uptrend breakout could occur if the price surpasses the $0.3529 level. Conversely, if the support level at $0.23 is breached, a bearish momentum in the near future is anticipated.
Conclusion
Enjin is a blockchain-driven development platform that empowers users to create diverse digital assets such as DApps and NFT games. The integration of Jumpnet, an Ethereum scaling solution, enables Enjin to keep its transactions more cost-effective. The company, originally founded in 2009, transitioned to the blockchain space in 2017. Currently, the Enjin token’s price is experiencing a neutral consolidation phase, oscillating between the price range of $0.35 and $0.23. Investors and users should closely observe these price levels for potential market movements.
