Enjin Price Prediction: Is Horizontal Trend Over?

Summary:
• Since August 5th, the Enjin price has struggled to establish a trend and instead traded in a sideways market

Since August 5th, the Enjin price has struggled to establish a trend and instead traded in a sideways market. Today, its prices are down by less than a percentage point, extending yesterday’s one per cent drop. 

The Enjin is an ERC-20 token promising to revolutionalize the Web3 technology by powering the nonfungible tokens (NFTs). In addition, the Enjin token helps the Enjin ecosystem, which consists of products individuals and businesses use to develop, trade, monetize and market NFTs to run smoothly. 

Despite having a rough year, where at some point, its year-to-date data showed a drop of 85 per cent, the past two months have been aggressively bullish for the crypto. In July, Enjin’s price rose by 20 per cent, and in August, it is already up by 12 per cent. 

Enjin Price Prediction

The chart below shows Enjin price trading sideways for the past week. Today, with a drop of less than a percentage point, the sideways market is looking likely to continue. However, looking at the long-term trend, Enjin’s price is still in a strong bullish market, which has seen its price surge by 12 per cent since the month started.

Therefore, my long-term Enjin price prediction expects the crypto to resume going up. Therefore, there is a high likelihood that we will see prices recoverin again and hit the monthly price high of $0.75. 

There is also a high likelihood that the price may push upwards in the next few trading sessions, trade above the $0.8 price level, and possibly even hit the $1 price level. However, should the price fall below this week’s price low of $0.65, then my analysis will be invalidated. Possible trade to the downside or continuation of the sideways market will have been established.

Enjin Daily Chart