Is Enjin a good investment opportunity in August 2021?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Jul 24, 2021
  • The United Nations Global Compact accepted Enjin
  • Enjin could advance again at levels that we saw in March 2021, but this will certainly not happen soon
  • $1 represents a strong support level

Enjin ENJ/USD has weakened from the record highs above $2.75, registered on 27th May, below $0.80, and the current price stands around $1.28.

Fundamental analysis: The United Nations Global Compact accepted Enjin

Enjin Network was established by Witek Radomski and Maxim Blagov in the 2009 year. At first, it was a community gaming platform, and in 2017, the network had an initial coin offering (ICO) for Enjin coin.

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The mission of this project was to make an ecosystem for exchanging non-fungible tokens (NFTs) easily. Enjin platform allows you to create or “mint” tokens and NFTs while you can also earn whenever users exchange digital assets.

Enjin Coin (ENJ) is an Ethereum-based cryptocurrency used to directly back the value of next-gen NFTs. Enjin has experienced tremendous growth in its user activity this year, and millions of people use Enjin’s products to manage, create, and trade fungible and non-fungible tokens.

Enjin wallet lets you use dapps, and it is important to say that you may “melt” assets into Enjin coins which opens a whole new world of possibilities, especially for video games. In other words, gamers ​can earn by playing video games which can increase the popularity of this project even more.

Last week, the United Nations Global Compact reported that Enjin is the first NFT company accepted into the world’s largest corporate sustainability initiative.

“Joining the UN Global Compact reaffirms our commitment to improving people’s lives through blockchain technology and will ensure these efforts are sustainable, focused, and optimized while holding us accountable to the public along the way,” said Maxim Blagov, Enjin CEO.

There are already a lot of projects on the Enjin platform, mainly focused on gaming and enterprise, but the main question among investors is whether the ENJ is undervalued at the current price and will it go up again? Enjin (ENJ) could advance again at levels that we saw in May 2021, but this will certainly not happen in the upcoming weeks or even months.

Technical analysis: $1 represents a strong support level

Data source: tradingview.com

Enjin ( ENJ) currently trades around the $1.28 level, and it would be a strong sell signal if the price falls again below $1 support. The next price target could be around $0.80 or even below; still, if the price jumps above $0.10, we have the open way to $0.12.

Summary

Enjin opens a whole new world of possibilities, especially for gamers, and it is important to say that the United Nations Global Compact accepted Enjin last week. Enjin ( ENJ) could advance again at levels that we saw in May 2021, but this will certainly not happen in the upcoming weeks or even months.

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