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3 reasons why Enjin (ENJ) price has rallied 800% over the last month

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Nonfungible tokens (NFTs) have taken the world by storm as stories of record-breaking digital art sales now regularly appear on mainstream news outlets and popular culture. 

One project that has been well-positioned for years to capitalize on this growing trend is Enjin Coin (ENJ), whose co-founder Witek Radomski was also involved in the development of the ERC-1155 token standard, which enabled the creation of NFTs on the Ethereum (ETH) network.

Data from Cointelegraph Markets and TradingView shows that the price of ENJ has risen by 800% in the past month, going from a low of $0.34 on Feb. 23 to a new all-time high of $3.09 on March 15 thanks to a continuous surge in trading volume.

ENJ/USDT 4-hour chart. Source: TradingView

Three reasons for the explosive growth for Enjin include the announcement of its Ethereum scaling solution JumpNet, increased exposure and trading volumes due to multiple exchange listings and the continued growth of the NFT sector.

Cheaper fees for NFT transactions

Momentum for Enjin really started to pick up in early March after the project revealed JumpNet, which is a private version of the Ethereum blockchain that uses a Proof of Authority (PoA) consensus mechanism to enable instant, gas-free on-chain transactions.

High transaction costs have been one of the biggest challenges facing the cryptocurrency community over the past six months thanks to increased use of the Ethereum network by decentralized finance (DeFi) protocols and the increasing popularity of NFTs.

JumpNet, which is scheduled to launch on April 6, aims to solve this issue for the NFT sector by allowing users to send and receive Enjin Coin and ERC-1155 tokens for free as well as mint, trade and distribute ERC-1155 tokens at no cost.

Enjin also has future plans to integrate Efinity, a decentralized blockchain for NFT’s that “will support next-generation token features and assets from any blockchain.” According to the team, this will help enable multi-chain interoperability and allows NFT holders on any blockchain to move over to JumpNet and benefit from free transactions.

Exchange listings help expand Enjin’s userbase

A second driver of ENJ price has been its listing on a number of cryptocurrency exchanges. This pushed total trading volumes to new highs and also resulted in a spike in on-chain activity and active addresses.

Number of active addresses holding ENJ. Source: Glassnode

The exchange listings started in late February when ENJ trading pairs were added to Crypto.com and FTX, helping to initiate the price rally.

Other notable integrations that happened in March include being voted into Bancor’s (BNT) liquidity mining and being listed on Huobi Global, OKEx and Gemini exchange.

The NFT craze boosts Enjin’s ecosystem growth

The third reason why ENJ price went parabolic in March is related to the overall growth in popularity of NFTs as they mainstream in art circles and in the business sector. This has had a knock-on effect on the number of new partnerships the project has been able to establish and brought a lot more attention to the project. 

Some of the recent gaming additions to the Enjin ecosystem include Age of Rust, The Six DragonsLudena Protocol, and South Korea’s gaming-focused social app GameTalkTalk.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ENJ on Feb. 28, prior to the price rally in March.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ENJ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ENJ climbed into the green and hit a high of 67 just hours before the price began to rally over the next three weeks.

After dropping to a low of 31 on March 3, the VORTECS™ Score again turned upward as the price of ENJ rose to a peak at 89 on March 10, which is five days before Enjin established a new all-time high a $3.09.

Mainstream adoption of nonfungible tokens and the promise of creating a fee-free environment that supports NFTs from a variety ofblockchains has Enjin well positioned to see further growth during the current bull market.

As the concept of tokenization spreads beyond art to areas like real estate and historical documents, projects that provide a user-friendly NFT ecosystem could eventually become centerpieces of the rapidly developing digital asset industry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/3-reasons-why-enjin-enj-price-has-rallied-800-over-the-last-month

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Blockchain monitoring provider PARSIQ integrates with crypto custodian Hex Trust

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PARSIQ, a blockchain monitoring & event tracking service provider, today announced it entered into a new strategic partnership with Asia-based digital asset custodian, Hex Trust.

The partnership will enable PARSIQ to provide PRQ token holders with bank-level security to keep their assets safe; while offering Hex Trust’s clients additional security with enterprise-grade monitoring.

Listed on the OKEx exchange since the beginning of this year, PARSIQ (PRQ) is a “reverse-oracle” blockchain platform that addresses the lack of adequate monitoring and analytics tools in the cryptocurrency ecosystem. Users can keep tabs on events across different blockchains in real-time and connect those events to any off-chain apps and devices to facilitate different workflows.

Last year, the firm secured funding support under the USD $100 million accelerator fund offered by Binance, the world’s largest cryptocurrency exchange.

Aiming to help propel the mass adoption of blockchain automation tools, PARSIQ has inked a slew of deals with trusted blockchain labels since its establishment in 2018. Among those are Algorand, Dash, Bitfury Crystal, and AllianceBlock, and, most recently, SuperFarm, Injective, PAID Network, and Chainlink.

Collaboration with Hex Trust is another significant step toward realizing the company’s vision to operate a safe cryptocurrency platform that meets the strictest global regulatory requirements. It will allow PARSIQ to use Hex Trust’s proprietary safekeeping solution “Hex Safe” for custody of PARSIQ’s treasury. In addition, clients will be able to store their PRQ assets in Hex Trust’s custody vault.

“Onboarding a company like Hex Trust and getting custody support for PRQ tokens adds a new level of validity to PARSIQ and underlines just how much security means to us and our holders,” said Tom Tirman, CEO of PARSIQ.

The deal is a win-win for both stakeholders. Hex Trust can leverage PARSIQ’s infrastructure for blockchain transactions and automate internal business processes such as notifications, deposit processing, and security monitoring.

“We are delighted to have been appointed PARSIQ’s custodian and provide the highest security levels for their digital assets. Teaming up and integrating their transaction monitoring and automation tools into our custody platform will provide added benefits for our clients and improve their overall experience,” Alessio Quaglini, Co-Founder and CEO of Hex Trust added.

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Source: https://www.cryptoninjas.net/2021/04/16/blockchain-monitoring-provider-parsiq-integrates-with-crypto-custodian-hex-trust/

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Price analysis 4/16: BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK

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Dogecoin’s (DOGE) massive rally to $0.45 propelled it to a market capitalization of over $54 billion to make it the fifth most valuable cryptocurrency by market cap.

This lofty market cap comes as a surprise to many since the project has no active developers and is only a meme coin, thus the current rally brings back memories of the excesses seen during the ICO boom in 2017.

Rallies like the one seen in Dogecoin indicate that several traders have entered the fray and are looking to get rich overnight. The only positive sign is that the mania has not spread to other coins. If it does, then the crypto markets are likely to witness a sharp correction in order to shake out the weak hands.

CNBC host Jim Cramer has become one of the first well-known people to reveal that he closed half of his Bitcoin (BTC) position. While Cramer’s selling is an isolated event, it does warn that not all professional investors who have recently turned Bitcoin believers are going to be long-term HODLers.

Daily cryptocurrency market performance. Source: Coin360

If the institutional investors rush to the exit, it could cause a huge correction in several cryptocurrencies. Traders should be mindful of irrational exuberance and avoid being sucked into FOMO-driven trades as it’s better to stick to a trading plan and think long-term rather than dream of overnight riches.

Let’s study the charts of the top-10 cryptocurrencies to identify the critical support levels and outline various bullish and bearish scenarios.

BTC/USDT

The bulls could not capitalize and build upon the breakout of the overhead resistance zone at $60,000 to $61,825.84 on April 13. Bitcoin price turned down on April 14 after hitting an all-time high at $64,849.27 and the bulls are currently attempting to flip the $60,000 level to support.

BTC/USDT daily chart. Source: TradingView

If they manage to do that, the BTC/USDT pair may make one more attempt to resume the uptrend. A breakout of $64,849.27, could start the next leg of the uptrend that could reach $69,540 and then $79,566.

However, the negative divergence on the relative strength index (RSI) is warning of a possible correction. Interestingly, the price reversed direction when the RSI had reached close to the downtrend line.

If the price dips below the 20-day exponential moving average ($59,427), it will be the first sign that buyers may be losing their grip. The break below the 50-day simple moving average ($55,814) will further cement the view that a deeper correction is likely.

The bulls may attempt to arrest the decline near $50,460.02 but if this level cracks, the pair could drop to the critical support at $43,006.77.

ETH/USDT

Ether (ETH) extended its uptrend and hit an all-time high at $2,545.80 today. Profit-booking by traders pulled the price down to $2,300 but the long tail on the day’s candlestick suggests that bulls continue to buy on dips.

ETH/USDT daily chart. Source: TradingView

If the price recovers and the bulls push the price above $2,545.8, the ETH/USDT pair could start the next leg of the uptrend. The next target objective on the upside is $2,745 and then the psychological level at $3,000.

The upsloping 20-day EMA ($2,131) and the RSI near the overbought territory suggest the path of least resistance is to the upside. This bullish view will be invalidated if the price turns down and breaks below the 20-day EMA. Such a move could pull the price down to $1,925.10.

BNB/USDT

Binance Coin (BNB) formed a Doji candlestick pattern on April 14 and that was followed by an inside day candlestick pattern on April 15. Both these setups indicate indecision among the bulls and the bears. This uncertainty resolved to the downside today.

BNB/USDT daily chart. Source: TradingView

However, a minor positive is that the bulls are defending the 38.2% Fibonacci retracement level at $483.95, as seen from the long tail on the day’s candlestick. The bulls will now try to push the BNB/USDT pair above the all-time high at $638.56 and resume the uptrend.

Conversely, a break below $483.95 could pull the price down to the 20-day EMA ($437). A break below this support will suggest that the traders are rushing to the exit and that could result in a drop to the breakout level at $348.69.

XRP/USDT

XRP is currently correcting the sharp rally. The bulls are attempting to defend the first support at the 38.2% Fibonacci retracement level at $1.48, as seen from the long tail on the day’s candlestick.

XRP/USDT daily chart. Source: TradingView

The XRP/USDT pair may now consolidate between $1.48 and $1.96 for a few days before starting the next trending move.

A break above $1.96 could start the next leg of the uptrend that could reach $2.54. The rising moving averages and the RSI in the overbought zone suggest the bulls have the upper hand.

Contrary to this positive assumption, if the bears sink the price below the $1.48 support, the pair could drop to the 20-day EMA ($1.18). Such a move will suggest the bullish momentum has weakened and that could delay the next leg of the uptrend.

DOGE/USDT

Dogecoin’s momentum has been picking up since the past three days and that has resulted in the massive pump today. This shows that more and more traders are getting sucked into the trade due to FOMO.

DOGE/USDT daily chart. Source: TradingView

Usually, such buying frenzies end in a major top formation. After the last bull has purchased, the price reverses direction and the waterfall decline starts. It is difficult to predict a top during such a frenzy but the psychological $0.50 level may act as a hurdle.

The decline after the DOGE/USDT pair tops out is likely to be vicious. The usual 38.2% Fibonacci retracement level may not hold and the pair is likely to drop to the 61.8% Fibonacci retracement level at $0.20.

Traders should control the urge to get into such trades even at the risk of missing out on some profits.

ADA/USDT

Cardano (ADA) has been facing a tough battle between the bull and the bears near $1.48 for the past two days. Although the bulls managed to push the price above $1.48 today, the bears have been quick to pull the price back below the level.

ADA/USDT daily chart. Source: TradingView

After the third unsuccessful attempt to sustain the price above $1.48, the bulls seem to have dumped their positions today, resulting in the formation of an outside day candlestick pattern.

However, the long tail on today’s candlestick suggests the bulls bought the dips to the 20-day EMA ($1.28) aggressively. The bulls may now make one more attempt to drive the price above the $1.48 to $1.55 resistance zone.

If they manage to do that, the ADA/USDT pair could resume the uptrend and start the journey toward $2. Conversely, a break below the moving averages could offer the bears an opportunity to sink the price to $1.03.

DOT/USDT

The bulls pushed Polkadot (DOT) above the $42.28 level on April 13 but could not challenge the all-time high at $46.80. This shows a lack of demand at higher levels. The altcoin has dropped below $42.28 today and the bears will now try to sink the price below the 20-day EMA ($40).

DOT/USDT daily chart. Source: TradingView

If they succeed, the selling could pick up further as the bulls may rush to cover their positions. Such a move could sink the DOT/USDT pair to $32.50 and then to the critical support at $26.50.

Contrary to this assumption, if the price again rebounds off the 20-day EMA, it will suggest that bulls have not given up. They will make one more attempt to thrust the price above the $46.80 resistance and resume the uptrend.

LTC/USDT

Litecoin (LTC) is in a strong uptrend. The bears had tried to start a correction today but the bulls purchased the dips aggressively as seen from the long tail on the day’s candlestick. The reversal may have caught several aggressive bears on the wrong foot, which could be the reason for the pick-up in momentum.

LTC/USDT daily chart. Source: TradingView

The LTC/USDT pair has broken out of the target objective at $307.42, clearing the path for a rally to $374. However, the RSI above 76 signals caution because, in the past, the pair has repeatedly entered a correction when the RSI level reaches close to 80.

The critical support to watch on the downside is the 20-day EMA ($241). A break below this support will be the first sign that the bulls are tiring and a deeper correction is likely.

UNI/USDT

Uniswap (UNI) broke out to a new all-time high on April 15 but the bulls are struggling to sustain the higher levels. When the price fails to follow up higher after breaking out of a significant resistance, it indicates exhaustion.

UNI/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests the bulls continue to buy on dips. If the buyers can propel the price above the all-time high at $39.60, the UNI/USDT pair could rally to $43.43 and then $50.

On the other hand, if the price again turns down and breaks below the 20-day EMA ($32), several aggressive bulls who had purchased the breakout of $35.20 may bail out of their positions. The long liquidation could pull the price down to $27.97.

LINK/USDT

Chainlink (LINK) surged above the $36.93 overhead resistance on April 14, signaling the resumption of the uptrend. The altcoin hit an all-time high at $44.33 where profit-booking set in.

LINK/USDT daily chart. Source: TradingView

However, the long tail on the day’s candlestick suggests that the bulls aggressively purchased the dip to $38.52 today. This indicates that the sentiment remains positive and the bulls are buying at lower levels.

The buyers will now try to resume the uptrend by pushing the price above $44.33. If they succeed, the LINK/USDT pair could rally to $50.

Contrary to this assumption, if the price again turns down and breaks below the $36.93 support, the pair could drop to the 20-day EMA ($34). If this support cracks, the decline could extend to the 50-day SMA ($30).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/price-analysis-4-16-btc-eth-bnb-xrp-doge-ada-dot-ltc-uni-link

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How The XRP Community Reply To The SEC’s “Shady” Move

Republished by Plato

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The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit.

The SEC apparently is “pursuing discovery” from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (“MOU”) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention.

The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from “overseas entities”. The document claims “many” of these entities are the payments company business partners” and about 10 international regulators.

The defense qualifies the process as “improper” and part of an “intimidation tactic” to allegedly reduce Ripple’s capacity to conduct business outside of the U.S. The document said:

Not  only  is  the  use  of  pre-litigation  investigative  tools  prejudicial  to Defendants  and  the  recipients  of  such  requests,  as described below, it also prevents this Court from  exercising  its  lawful  discretion  regarding  the  scope of permissible foreign discover.

SEC “unjust” advantage in XRP case?

Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect “regulatory pressure” on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan said:

This is NOT something a “typical” Plaintiff could do and it’s not fair, so Ripple is calling dirty-poker (…). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.

General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an “insane” move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and said:

Shame on the SEC!  On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance.  Can’t wait for that Summary Judgment motion with a major questions doctrine argument.

XRP is trading at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.

Ripple XRP XRPUSDT
XRP with moderate losses in the 24-hour chart. Source: XRPUSDT Tradingview

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Source: https://www.newsbtc.com/news/how-the-xrp-community-reply-to-the-secs-shady-move/

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