Enjin Coin Price Prediction 2022 – Will ENJ Hit $5 Soon?

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Enjin Coin Price Prediction — Will ENJ Hit $5 Soon?
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  • Bullish ENJ price prediction is $177.1 to $4.827.
  • The ENJ price will also reach $5 soon.
  • ENJ bearish market price prediction for 2022 is $1.421.

In Enjin Coin’s (ENJ) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about ENJ to analyze the future movement of the cryptocurrency. 

Enjin Coin Current Market Status

According to CoinGecko, the price of ENJ is $2.01 with a 24-hour trading volume of $238,927,809 at the time of writing. However, ENJ has increased nearly 2.8% in the last 24 hours.

Moreover, ENJ has a circulating supply of 934,340,659 ENJ. Currently, ENJ trades in cryptocurrency exchanges such as Binance, OKX, Bitget, BitCoke, and Mandala Exchange.

What is Enjin Coin (ENJ)?

Enjin Coin (ENJ) is an Ethereum token designed to “make it simple for individuals, businesses, and brands to use non-fungible tokens (NFTs).” ENJ is a cryptocurrency that is used to directly back the value of NFTs issued within the Enjin ecosystem.

Enjin launched the Enjin Network, a gaming community platform with over 20 million users, in 2009. Following a successful $18.9 million ICO in 2017, Enjin began developing a suite of blockchain products that allow anyone to easily manage, explore, distribute, and integrate blockchain assets.

Enjin Coin (ENJ) Price Prediction 2022

Enjin Coin holds the 67th position on CoinGecko right now. ENJ price prediction 2022 explained below with a daily time frame.

ENJ/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down. The upper line is identified first, as running along with the highs and is called the trendline. 

The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by trendline support the series of lower lows and a diagonal resistance level connecting the lower highs.

Currently, ENJ is in the range of $2.01. If the pattern continues, the price of ENJ might reach the resistance level of $3.22 and $4.55. If the trend reverses, then the price of ENJ may fall to $1.421.

Enjin Coin (ENJ) Support and Resistance Level

The below chart shows the support and resistance level of ENJ.

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ENJ/USDT Support and Resistance Level (Source: TradingView)

 From the above daily time frame, it is clear the following are the resistance and support levels of ENJ.

Resistance Level 1 $2.110
Resistance Level 2 $2.921
Resistance Level 3 $3.645
Resistance Level 4 $4.827
Support Level $1.421

The charts show that ENJ has performed a bullish trend over the past month. If this trend continues, ENJ might run along with the bulls overtaking its resistance level at $4.827.

Accordingly, if the investors turn against the crypto, the price of the ENJ might plummet to almost $1.421, a bearish signal.

Enjin Coin Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of ENJ shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of ENJ lies below the cutoff line, indicating weaker participants in the current trend.

More so, the ENJ’s Moving Average (MA) shown in the chart above. Currently, ENJ is in a bearish state. Notably, the ENJ price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of ENJ at any time.

Meanwhile, the relative strength index (RSI) of the ENJ is at level 50.46. This means that ENJ is in a neither overbought nor oversold state. However, this means a major price reversal of ENJ may occur in the upcoming days. So, traders need to trade carefully. 

Enjin Coin Price Prediction 2022 — ADX, RVI

Let us now look at Enjin Coin’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

The above chart represents the ADX of Enjin Coin. Currently, ENJ lies in the range of 31.176, so it indicates a strong trend. 

From the above chart, the Relative Volatility Index (RVI) of ENJ. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of ENJ lies above the 50 levels, indicating that the direction of volatility is high. In fact, ENJ’s RSI is at 50.46 level thus confirming a potential either buy or sell signal.

Comparison of ENJ with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum, and Enjin Coin.

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BTC Vs ETH Vs ENJ Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH and BTC is moving at the same level as the trend. But, the recent trend of ENJ moves in an upward direction.

Conclusion

With continuous improvements in the Enjin Coin network, we can say that 2022 is a good year for ENJ. For this reason, the bullish price prediction of Enjin Coin in 2022 is $4.827. On the other hand,  the bearish ENJ price prediction for 2022 is $1.421.

Furthermore, with the advancements and upgrades on the ENJ ecosystem, the performance of ENJ would help to reach above its current all-time high (ATH) $3.6 very soon. But, it might also reach $5 if the investors believe that ENJ is a good investment in 2022.

FAQ

1. What is Enjin Coin?

Enjin is a software that offers developers the opportunity to create and manage virtual goods on  Ethereum Blockchain.

2. Where can you purchase ENJ?

ENJ has listed on many crypto exchanges which include Binance, OKX, Bitget, BitCoke, and Mandala Exchange.

3. Will ENJ reach a new ATH soon?

With the ongoing developments and upgrades within the ENJ platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Enjin Coin?

On Nov 25, 2021, ENJ reached its new all-time high (ATH) of $4.82.

5. Is ENJ a good investment in 2022?

Enjin Coin (ENJ) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of ENJ in the past few months, ENJ is considered a good investment in 2022.

6. Can Enjin Coin (ENJ) reach $5?

Enjin Coin (ENJ) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Enjin Coin (ENJ) will hit $5 soon.

7. What will be the ENJ price by 2023?

Enjin Coin (ENJ) price is expected to reach $6.5 by 2023.

8. What will be the ENJ price by 2024?

Enjin Coin (ENJ) price is expected to reach $7.8 by 2024.

9. What will be the ENJ price by 2025?

Enjin Coin (ENJ) price is expected to reach $8.5 by 2025.

10. What will be the ENJ price by 2026?

Enjin Coin (ENJ) price is expected to reach $10 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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