# [NFA]Enjin coin-$ENJ Analysis By [3HOUSE](https://paragraph.com/@3house) · 2023-04-21 --- **Author: 3HOUSE user @Aaron\_S** FUNDAMENTAL ANALYSIS: --------------------- ENJ, short for Enjin Coin, is a cryptocurrency and blockchain platform that was launched in 2017. Its primary goal is to empower gamers and developers by providing a secure and reliable infrastructure for creating and managing digital assets, such as in-game items and virtual currencies. The project is based on the Ethereum blockchain and uses smart contracts to facilitate transactions and interactions between users. One of the key features of ENJ is its integration with the Enjin Network, a gaming community platform that has over 20 million registered users. This network enables developers to create and manage their own gaming assets and provides a marketplace for buying and selling these assets. ENJ serves as the main currency used for transactions within the Enjin Network, which gives it a strong use case and potential for widespread adoption in the gaming industry. ENJ has a fixed supply of 1 billion tokens, with around 834 million currently in circulation. The platform uses a proof-of-work consensus mechanism, which means that miners validate transactions on the network and receive ENJ as a reward. However, the team behind ENJ has announced plans to transition to a proof-of-stake model in the future, which would reduce the energy consumption and increase the scalability of the platform. In terms of price performance, ENJ has experienced significant growth since its launch, with its value increasing from a few cents to over $4 at its peak in April 2021. The price has since stabilized around $2-$3, which reflects the current market sentiment for cryptocurrencies. The project has a strong community of supporters and investors, with active social media channels and partnerships with other blockchain and gaming projects. One of the major advantages of ENJ is its focus on providing a practical use case for blockchain technology in the gaming industry. By creating a secure and decentralized platform for managing digital assets, ENJ offers gamers and developers more control over their virtual assets and reduces the risk of fraud and theft. This feature also enables developers to create new and innovative gaming experiences that leverage the benefits of blockchain technology, such as provable scarcity, interoperability, and ownership. ENJ also offers a number of tools and services for developers, such as an SDK (software development kit) and APIs (application programming interfaces) that make it easy to integrate blockchain features into their games. These tools enable developers to create customized gaming experiences and monetization models that align with their business goals and user preferences. Another important feature of ENJ is its commitment to sustainability and social responsibility. The platform has implemented a carbon-neutral initiative to offset the environmental impact of its operations and has partnered with various charitable organizations to support social causes, such as education, healthcare, and disaster relief. In conclusion, ENJ is a promising blockchain project that offers a practical use case for digital assets in the gaming industry. Its integration with the Enjin Network and focus on developer tools and services make it a strong contender in the gaming space. While investing in cryptocurrencies always carries risks, ENJ's strong community and partnerships, commitment to sustainability and social responsibility, and practical use case make it an attractive investment opportunity for those interested in the gaming industry and blockchain technology. TECHNICAL ANALYSIS: =================== Beautiful 3 days behind us where we would see btc drop to 28k support level. I believe that from this level we can expect another push with creation of new topside leg. Based on overall recent bearish status of market we can see bullish flip really soon and little rally that can push BTC price even around 8-10%. This is very good information when it comes to alt coins because some of them will notice spike for even 20-30%. There is big gap that needs to be filled at 29530-30000$ and then I believe we see another attempt to push above 31k level aiming for 31.5-32k for 1 btc. BTC.D is again at high point but we are much closer to alt coin season which starts when BTC pushed and btc.d is falling down. Much more money is flowing into crypto market and alts still didn’t adapt their price into that. This usually looks like: BTC push (completed), ETH push (completed), ALTs push (not started yet) so we are in good position for longs on the market. ![](https://storage.googleapis.com/papyrus_images/d57f4305903ae57c82fd22b8e776f1704671b3199ac78d6a0bf1aafef584ebba.png) ### What does it mean for ENJ? Enjin just tapped really strong support zone which looks very solid in terms of holding. My entry would be in this zone with sl relatively tight below it. We also can see little manipulation on BTC price that will be pushed down to clear longs from market but support zone for ENJ will hold it and bounce perfectly off it. First target would be 4h Void created by significant drop but I don’t like holding position till imbalance is fully covered thats why in this scenario first tp would be at around 30% fill and also at first resistance on our road to final tp. Second tp would be at highest point before drop which was also resistance for consolidating area. RSI shows that market is currently oversold and without deeper manipulation of it by big players it will try to recover and push from this support area. Our final tp covers wick that created recent high. I know that there might be further push after taking it but I don’t want to expose myself on potential BTC drop at 31k, that’s why I recommend taking position fully out at those healthy profits. Below I present you exact levels on this trade: ![](https://storage.googleapis.com/papyrus_images/0a26f652bde9882e3e55529b02d7d148d35b552372be0014a66cad8750aa22c6.png) **ENTRY: 0.3976-0.3800** **SL: 0.36** **TP1: 30% out SL at b/e: 0.4280** **TP2: 30% out: 0.4580** **TP3: 40% out: 0.4900** I don’t see any specific bearish scenario on this trade so I will stick it with Bullish only. We can watch market carefully around TP3 and try to flip it into short after hitting all of targets but market is in super hard conditions and nothing is fully predictable especially right now. ![](https://storage.googleapis.com/papyrus_images/7eec4581fecb2b6d2b12c7ec4e14e454cbd9fb1e572002611100642a59d18ca9.png) Last thing that gives me huge confidence in coming push is DXY. (U.S. Dollar price index). As you see on screen above we are in perfect downtrend with recently hit trendline touch. If we manage to create new Higher Low and Lower Low in order to keep market bearish cycle we will also see significant spike on crypto market. Weekend is also coming so volatility will be smaller but next week can bring us new week open on S&P and ending of the month. In conclusion: Current market is at perfect position to start another push to previous local high or even further push to 32k. Dollar index is falling down that means people are looking for alternatives for their investments and they don’t want to sit heavy on cash right now. 2023 will be have biggest accumulation since we are super close to bull market cycle. Bitcoin taking around 130m$ long liquidations with a lot of people shorting market believing we are targeting 2022 lows again. There is a lot of shorts liquidity to be swept off market and that is good sign for bulls right now. April was really important month for traders since we hit 5% inflation rate which was lower than expected. If may continue to be bullish we will even see 33-35k on btc which will lead to ALT coin season slowly. ENJ is also one of my SPOT holdings since I like this project a lot and give it big hopes for future. As always, do you own research and risk what you are willing to lose. **This is not trading advice, and any actions taken based on this information are solely at the reader's discretion. We do not make any guarantees or warranties about the completeness, reliability, or accuracy of this information. We encourage readers to do their own research before entering the market.** ![](https://storage.googleapis.com/papyrus_images/1c14836ba8330bf392959d5bd8f327d42bfc1ea87c8d26bcabadaf15ff920e1e.png) --- *Originally published on [3HOUSE](https://paragraph.com/@3house/nfa-enjin-coin-enj-analysis)*