An altcoin project, closely followed by Turkish investors, took off after the news of the million-dollar token burn.
This altcoin project announced that it will burn 5,000,000 tokens
The Enjin Coin (ENJ) team announced on Twitter on November 30 that they will conduct one of the largest token burns in history. In less than 12 hours, 5,000,000 ENJ tokens will be permanently removed from circulation.
The token burn announcement came on a day when the market was slightly bullish. After the news, ENJ price started to rise in a short time and this momentum continues. The bulls’ first target now will be the ascending support level that was broken on November 19. This scenario comes into effect when the ENJ price crosses $0.32.
On the technical side, ENJ price is trying to regain the ascending support line it broke on November 19. If it succeeds, it will also cause the RSI to rise above 50, another bullish sign. In this case, the closest resistance area would be at $2, which is formed by the 0.382 Fib retracement resistance and a horizontal resistance area. On the other hand, a rejection from the line confirms the area as resistance. This will likely push the INJ price to a new year low.
ENJ price predictions: Which levels are critical in the short term
The two-hour chart supports a continuation of the upward move towards at least $2. INJ price broke out of a descending resistance line on November 30. Now in the process of verifying this as support. If INJ manages to break above the $2 resistance area, the next key resistance will be at $2.40.
The long-term outlook is still bearish, the increase experienced since June. The main reason for this is that the entire increase looks like an ABC corrective build. Moreover, the ensuing sharp decline seems to be a (highlighted) impulse. As a result, the most likely move is a corrective increase towards $2.40 before falling to new lows. Meanwhile, the move could be a shorter-term version of the previous surge. A price gain above the $2.40 resistance area will go a long way toward invalidating this downside price prediction.
Why is Enjin an important altcoin project for the gaming market?
Enjin is the project of the company Enjin, which provides an ecosystem of interconnected, Blockchain-based gaming products. Enjin’s core product is Enjin Network, a social gaming platform where users can create websites and clans, chat, and host virtual goods stores. The platform basically allows game developers to tokenize in-game items on Ethereum. Today, we can see that many well-known games prefer the Enjin ecosystem. Enjin facilitates the buying, selling and transfer of NFTs, providing players with a more convenient ecosystem. to more details cryptocoin.comYou can find it from this article.
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