When it comes to blockchain, not only does it affect the real world, it has a more significant impact on the digital world. The term NFT must be confusing, but since the increase in the use of NFT based tokens, one should be aware of their possibilities.
Understanding non-fungible tokens is not that difficult. It is essentially a data unit stored in a digital ledger. Anything digital, be it a tweet, image, video or any other digital file, can be displayed through NFTs.
How is Enjin Coin so important?
engine is one NFT Issuing platform with emphasis on gaming inventory. These days game developers or proprietary companies have a centralized way of selling inventory items. But at the same time, they have the power to close a user account that may have thousands of dollars worth of digital inventory. Imagine those inventory items being issued as NFTs. Under this condition, the buyer would have complete control over the item he purchased, and not the company, thereby decentralizing the process.
Since Enjin focuses primarily on the gaming world, this development and its acceptance by wider game developers and audiences can be disruptive to the traditional gaming industry. Standard in-game items are worth nothing outside the game, and as new games are released, the crave and value of the most expensive items dwindle. Enjin enables game developers with a simple method to create games with in-game NFT items. Enjin will allow gamers to find, buy, trade and even store in-game items as blockchain assets.
Creating an NFT item is called minting, and it can be returned to the original form in a method called melting. All NFT items contain a certain amount of Enjin Coins, and since these coins have real-life value, NFT items also have a specific value in the real world in terms of Enjin Coins. Some games are also offering Enjin Coins as a reward which can be used to buy in-game items.
Enjin Coin Price Analysis
Given the rate of change in which digitization is on the rise, we can expect NFTs to become a more easily held asset in the coming years. From now on device There are few applications in the digital and real world, Enjin Coin can be expected to increase in value in the coming years. So far, we have seen it deliver 100x returns when we cross $3 in April 2021.
The all-time high of $3.99 is nearing a retest, given the consistent volumes and rising price action over the past month. Enjin could deliver 26.6% efficiently after retesting the immediate resistance of $2.78. Comparing the prospects in 2021, from a low of $0.924 on July 20, 2021, we have reached a high of $2.32, giving it a 141% return in less than six weeks.
Enjin Coin has substantial price action with frequent divergences. In short, ENJ Coin is trading in green zone with a strong buying sentiment. The 200 DMA line is meeting with the $1.70 support level.
On the hourly chart, Enjin Coin is trading with a bearish trend. After taking back to back support from the $1.80 level, we have seen several attempts to sustain above $2. Continuous buying action in the last hours of August 29 helped it reach a new monthly high. Any profit-booking from current levels will be settled with 200 DMA support, but an upside potential is unlimited.
The MACD is trading in a positive direction while the RSI is again turning from neutral to overbought areas. Thus, looking at the technical indicators and our Enjin Coin Price Prediction, bullish sentiment is very likely to continue.
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