What ENJ Holds for the Investors in the Coming Quarter of 2023?

Enjin network presents its holders with new development for Jan.
Main focus on NFT and Wallet efficiency.
Big bull runs await a strong push up.

Enjin network, in the month of Jan, unveiled to its holders the developments it made in its network. The report released by the network detailed out the amends made in the Enjin Wallet 2.0 and introduction of NFTio.

Starting 2023 in style, ecosystem presents a brand new development update packed with new features and updates from their development team. The bundle spanned over NFTio, Enjin Wallet, and Enjin Tooling.

NFTio is the marketplace for all NFTs, which includes all of the basic functionalities found in any NFT-related marketplace and ability to work with Efinity in the future. The marketplace is designed to adapt as a friendly user interface and user experience.

Enjin Wallet 2.0 is an application, available0 for Android and iOS, is the next-generation crypto and NFT wallet. The application enables its user to store, send, and sell your NFTs and use Enjin Wallet as any portfolio application.

The Enjin tooling is segmented into three parts namely, Enjin platforms, Enjin Software Development Kit (SDK), Enjin Beam. All the tooling facilities enhance the user experience on the network.

ENJ Stock Price Analysis

The price of ENJ has moved in a downward momentum for the whole 2022. It has tested the support zone near $0.30 from time to time. The volume remained stagnant for most of the year, with sideways histograms formed. The major part showed consolidating trends, hinting at future upsurges. The price action lies below the EMA ribbon, with 20-EMA claimed.

The year of 2022 started with MACD recording sellers’ controlling the market, and then translating into buyers’ dominance with lines diverging. The RSI moved in the seller region since the beginning of the year and by the end reached closer to the half line to possible buyer rule in 2023. If the current price wishes to establish a high run, it has to find a spot above the EMA ribbon and mark the bullish swing.

The ENJ token witnessed investors placing selling orders at $3.12, $2.63, $2.20, and $1.88. Whereas the holders placed buying orders at $1.30, $0.88, and $0.33. The interested investors can rely on the aforementioned levels to buy or sell the token to benefit the most.

Conclusion

The Enjin network has and is working hard to adapt to the fast changing blockchain sector. It tries to bring various enhanced features to its holders who can anchor to the network. The holder of ENJ can trust the support near $0.30 to invest in the token.

Technical levels

Support level: $0.300

Resistance levels: $3.17 and $4.07

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing