In summary:
- As the trading world tries to understand the US Crude Oil mega dump, Enjin Coin (ENJ) has been on a slow climb to the 1,600 Satoshi level.
- Grasshopper Farm joined the Enjin Multiverse Program and could be one reason ENJ is moving up.
- The Enjin Wallet was updated providing users with a seamless experience.
The last 48 hours in the traditional stock markets have played out like a Hollywood movie with the price of US Crude Oil falling sharply to $0 with futures contracts of the same commodity falling to $-40. This drop is primarily due to the global economic impact of the Coronavirus that has slowed down demand for ‘the black gold’. Consequently, the major cryptocurrencies of Ethereum (ETH) and Bitcoin (BTC) were slightly affected with each trading at $169 and $6,811 at the time of writing this. However, Enjin Coin (ENJ) has been on a slow climb towards 1,600 Satoshis as shall be explained below.
Grasshopper Farm Joins the Enjin Multiverse
Only yesterday, a new DApp was launched on the Enjin multiverse. Grasshopper farm is a text-based Telegram game that allows users to earn grasshoppers on the blockchain. Built on the Ethereum network and utilizing Enjin, the DApp allows for users to send their Grasshoppers out on various tasks such as battling an enemy in a bid to improve on the user’s farm.
Every Grasshopper collected is an ERC115 token created on the Enjin platform. The game will continue to evolve adding more Hoppers, buildings and activities.
New Enjin Wallet
The first Enjin Wallet was launched in 2018 and has continued to evolve with time. The wallet had an upgrade on the 13th of April with the following new features.
- Ability to create and maintain an infinite number of wallets
- Support for ERC1155 blockchain assets.
- QR code scanning through Enjin beam
- Fast and flexible DApp browser.
- Ability to buy and sell blockchain assets on the Enjin marketplace.
- In-app exchange feature that features the world’s first multi-swap support.
Enjin Coin (ENJ) Attempts to Reclaim 1,600 Sats
Further looking at the crypto markets Enjin Coin (ENJ) is trading at $0.10 and 1,590 Satoshis in the USDT and BTC markets respectively. The token had earlier on in the day, attempted to break the 1,600 Satoshi zone and turn it into support. Further looking at the 6-hour ENJ/BTC chart, we observe the following.
- The token has support zones at 1,542 Sats, 1,459 Sats and 1,386 Satoshis.
- Its current price at 1,590 Sats is above the 50, 100 and 200 moving averages thus providing the case for a bullish environment.
- However, the MACD and MFI indicate that the token might only have one last push left for it to attempt to reclaim 1,600 Sats as a support level.
- Additionally, the trade volume is in the red thus creating a scenario where going long would be very risky.
Conclusion
The Enjin Coin (ENJ) project continues to grow as can be seen with the new DApp of GrassHopper Farm and the upgrade of the Enjin wallet. Additionally, the token’s price in the markets has experienced some Bullish momentum despite the stock market crash of US crude oil. However, the 1,600 Satoshi level might be a difficult area to claim in the current crypto market environment. Time will tell if this area will be converted from a resistance to a support zone.
(Feature image courtesy of Justin Snyder Photo on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
