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Enjin Coin [ENJ] – Gaming, NFTs and 2021 Price Predictions

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Why Enjin Coin (ENJ)? 

Enjin coin with ticker ENJ is an Ethereum-based cryptocurrency and a Singapore-based technology company. The developers build it for gaming communities and also to service blockchain game developers. However, the proliferation of the NFT market increases the demand and utility for the Enjin project.

Company 

The company launched its ERC-20 token after the ICO raised about $18.9 million in 2017. It built its own set of blockchain services and tools successfully before releasing an Android version of its blockchain wallet and an iOS version of its Enjin wallet.

As a successor of the ERC-721 developed by Enjin’s CTO Witek Radomski in 2017, Enjin developed an efficient ERC-1155 token standard, focusing on stream line the creation and distribution of NFTs. 

With the ERC-1155 token standard, game editors can convert various assets into tokens, assets like currencies, digital arts, real estate, and other gaming items.

The Enjin system is a complete ecosystem that integrates with the open-source token standard. This application has a unique feature for explorer and non-blockchain participants or professionals for various solutions. 

The Enjin features use both off-chain and on-chain processes also in its applications.

Future of ENJ Token

Ongoing Development on the Enjin – ENJ Github, significant partnerships/collaborations, progress made so far. 

The Enjin project is an open-source project. Its main repo is actively maintained and can be explored at https://github.com/enjin.

The following repositories on the Enjin Github page show that there’s been a lot of development on the Enjin ecosystem.

They include the EnjinCraft Plugin, the ERC-1155 sample implementation, and the Enjin token and crowdfund contract that’s forked from the Bancor Protocol.

  • EnjinCraft Plugin

The EnjinCraft Plugin, which implements the Enjin Java SDK, serves as an example for plugin developers showing how to integrate Enjin blockchain into Minecraft servers.

There are currently three active contributors working on the repo, having 492 commits to all branches.

  • The ERC-1155 Sample Implementation 

This repository has nine active contributors with 92 commits to all branches highlighting significant activity in the Enjin ecosystem.

With that being said, the Enjin project has stood the test of time, and we’ll continue to see new improvements in the space.

Significant partnerships/collaborations, progress made so far

  • Enjin Coin’s Partnerships & Collaborations

The ENJIN project’s significant partners are Blocktree Capital from the United States of America and NueValue Capital from Singapore.

The Enjin platform uses a backend service known as Trusted Cloud. The beauty is in its ability to act as a proxy between the clients and the game servers. Enjin’s Trusted Cloud services links accounts of existing games to block wallet addresses.

A scaling solution called “Efinity” was also developed on the Enjin platform as they say that the games will open channels on the network for top quality speed between smart contracts and the game servers.

Enjin Coin’s NFTs

Non-Fungible Tokens booms as we see big names coming into the crypto market. The NFT provides a range of digital asset opportunities in gaming collectibles, artwork, and real estate in physical and virtual spaces. 

NFT represents the future and digital resource economy that allows users to prove ownership of goods through virtual or physical means via unique tokens recorded on the blockchain.

According to Enjin’s VP operations and communications, Bryana Kortendick, the number of registered users on the Enjin NFT platform has grown over 47,000, and the NFT wallet growth hit 100%as in December 2020.

Jack Dorsey, Twitter CEO, confirms that the non-fungible token (NFT) for his famous first tweet exceeded 2.5 million US dollars during its bid and finally sold for 2.9 million USD.

Some school of thought is less convinced about the NFTs ability to simulate real-world volume like that of the crypto assets. For example, the weekly volume of the NFT market was at 8.2 million US dollars while that of bitcoin weekly traded volume was over 500 billion US dollars as of January.

Enjin Coin (ENJ) 2020/2021 Road map 

As the year was closing out, Enjin’s focus was on developing EnjinX UI redesign, the Efinity scaling, redesigning the Enjin wallet, ongoing enterprise work, and platform improvements.

The focus will be on the Enjin Marketplace and wallet as Enjin’s NFTs see a surge in adoption rate from artists from across the globe.

Enjin Coin’s Competition analysis with similar projects

Competition analysis with similar projects highlights the most valued competitor and the probability of surpassing it. 

The introduction of Enjin coin and its complete ecosystem has given it an edge in the Ethereum cryptocurrency. As of today, it ranks 44 in the market and has 0.12% market dominance.

Enjin’s top competitors include Ethereum, Trustology, Lisk, and Waves Platform. Enjin is a blockchain-based online gaming community creation platform, offering Enjin Coin (“ENJ”), a new cryptocurrency, and a Smart-Contract platform.

ENJ Token 2021 Price Levels and Projections

  • ENJ/USDT Weekly Chart Analysis

ENJUSDT
ENJUSDT chart by TradingView

The ENJUSDT resumed a bullish trend upon exiting the oversold area on November 09, ’20, and entering the overbought zone on January 11, ’21.

A break of the bearish Inside-bar resistance of December 28, ’20 confirmed the increase in buying power and a price explosion decision.

Although the ENJUSDT is in a solid bullish trend as it trades in the overbought area and the RSI has not dipped below the level-30 ever since, we would not recommend a long-term holding ENJUSDT at the current price zone.

Instead, it’ll be a good idea to lock in some profit at this point and scale back into the bullish swing upon an exit of the overbought territory, as illustrated in the image above.

With that being said, if you’re already in a buy position on ENJUSDT, let’s say you bought around 0.22690. Now will be an excellent time to secure your ENJ stash and wait for an impending price correction.

  • ENJ/BTC Weekly chart

ENJBTC chart by TradingView
ENJBTC chart by TradingView

The weekly chart of the ENJBTC shows massive buy pressure from Bitcoin holders as they scurry for the cryptocurrency for gamers.

Similar to the ENJUSDT, the ENJBTC entered the overbought zone, confirming the bullish uptrend.

The crypto-pair has increased by roughly 339.47% following a breakout of the 0.00001132 resistance.

A correction of the price hike is expected at the current height as we look to scale in if a hidden bullish divergence is formed.

Enjin coin (ENJ) price prediction 2021

Considering the January 25 ’21 and March 15, ’21, high-Low range, we expect the ENJUSDT to correct into the 0.382 (1.40171) and 0.236 (1.00414) Fib-retracement price zone, where the bulls can resume the uptrend to the 10 USD round number level.

Is ENJ token a Good Investment for the future?

As a cryptocurrency for gamers and its expansion into the NFT ecosystem, we believe the ENJ token is an excellent future investment.

However, it is crucial to deploy money management strategies like dollar-cost averaging or fixed fractional money management. 

The ENJ token can still experience a price correction in the mid-term, where we’ll have more confidence to scale into the uptrend.

Market Cap projections and demand/supply scenario

The ENJUSDT trading in the overbought area of the relative strength index indicates an increase in supply. Therefore, we anticipate a correction in the price from the current 3.08459 ATH.

If the ENJUSDT corrects back to the retracement-zones 1.40171 and 1.00414, we expect a 10X surge in the ENJ token market cap where the price would trade above the 10 USD mark.

Related articles:

Reserve Rights [RSR]: Insights & Why RSR Is a Good Investment For Q2 ’21 and Beyond

Hedera Hashgraph (HBAR) Price Prediction: Will HBAR Price Cross 10x ($3.0) By The End Of 2021?

Disclaimer
The presented content may include the personal opinion of
the author and is subject to market condition.
Do your market research before investing in cryptocurrencies.
The author or the publication does not hold any responsibility
for your personal financial loss.
Author: Sunil Sharma




Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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Source: https://coingape.com/enjin-coin-enj/

Blockchain

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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Blockchain

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.

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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

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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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