Disclaimer: The information provided here does not constitute any form of financial advice. Readers are fully responsible for conducting their due diligence before making any investment decisions.
Enjin: Market sentiment
The Fear & Greed Index (FGI) currently sits at 10, the lowest reading it has been for more than two years. Typically, this figure represents ‘extreme fear,’ which generally suggests buying opportunities.
However, we cannot ignore that the overall crypto market has been quite bearish in the last few weeks due to many fundamental reasons not related to Enjin. Historically, when the FGI has been at such low regions, prices across the board eventually correct themselves.
As with any market, cryptocurrencies have gone through cycles of solid bullishness or bearishness. Although naysayers may call this a ‘crash,’ recoveries have been made before. Therefore, investors will hope this is temporary and that coins like Enjin will begin trending up again.
Technical analysis
Unsurprisingly, ENJ is in a strong downtrend. We’ve applied the 50-day (orange) and 200-day (blue) moving averages on the chart to show a crossover system.
Firstly, you can tell by the slope that this market is strongly bearish, and the price is below the moving averages. Furthermore, the 50 is below the 200. These are characteristics of a market that will probably continue trending lower in the coming days or weeks.
If the price reached the $1.65 area, the moving averages might present a bullish set-up as it was around this mark where a crossover occurred. However, the temporary bearish outlook doesn’t significantly diminish Enjin’s long-term proposition once we look at the fundamental analysis.
Fundamental analysis
At its core, Enjin is one of the most prominent crypto-based social gaming networks. It allows users to tokenize assets like games, art, collectibles, and other valued items into NFTs (non-fungible tokens).
Enjin is a prominent player in the NFT and gaming market, an industry that’s exploded growth-wise in cryptocurrencies over the last few years. According to many statistical reports, the NFT and gaming sectors are expected to be worth billions more in the coming years.
Within the gaming sector is the concept of play-to-earn, where gamers have an incentive to earn real money from playing or trading in-game assets. However, this market is still dominated by Ethereum.
Yet, one of the challenges is the high costs associated with this blockchain in ‘minting’ NFTs; Enjin doesn’t have this problem. Despite this, the main drawback of Enjin is undoubtedly competition.
Nonetheless, we believe such a project will probably synergize with other platforms rather than compete with them. Lastly, the other attractive element is the coin has a fixed supply of 1 billion tokens with about 89% in circulation.
Projects with deflationary tokenomics are generally more favorable and have a better chance of performing well in the long run.
To summarise, Enjin is still relatively solid for the following reasons:
- The gaming and NFT industries are expected to grow in the future.
- Play-to-earn is an attractive concept where gamers have made thousands of dollars playing games or selling virtual items on numerous marketplaces.
- Enjin has deflationary tokenomics.
Enjin (ENJ) Price Prediction: 2023-2025
Fortunately, many prediction sites show that ENJ is likely to increase in value in 2023 and 2025. Forecasts on crypto prices are usually conservative, which is beneficial given that the overall crypto market will probably take a while to recover.
2023 forecasts
For this year, the average forecast we got from looking at numerous sites is $1.41, roughly double Enjin’s current value. Wallet Investor was the most bullish of the lot, with minimum and peak prices of $1.11 and $2.25, respectively.
2025 forecasts
$3.63 is the average we got for 2025, about 2.5 times higher than 2023’s estimate. The former price would account for a roughly 5X increase from ENJ’s current price, which is possible in a few years.
This time around, Gov.Capital offered the most optimistic estimates for Enjin, with minimum and maximum figures of $5.66 and $7.66, respectively.
Enjin Frequently Asked Questions (FAQs)
Is Enjin real?
Yes, it was launched in 2018 and is a well-known project in the gaming and NFT sectors.
What is the Enjin price today?
$0.70 or 70 cents.
Will Enjin’s price reach $10?
$10 is unlikely until possibly after 2025.
Should I buy ENJ?
Despite Enjin’s use cases, it remains a risky and volatile investment, meaning you should accept the possibility of great returns or losses. Fortunately, in this bear market, it is relatively cheap and so might be worth the bet.
Where do I buy ENJ?
As with virtually all coins, you need to create an account with popular exchanges like Binance, FTX, Coinbase, Gate.io, KuCoin Kraken, etc., to buy ENJ. You can find a complete list on CoinMarketCap.
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