|

Enjin partnership with Uniqly catalyzes ENJ price to 20% bull rally

  • Enjin recently revealed their collaboration with Uniqly to further develop the NFT space.
  • Uniqly plans to launch its ecosystem on Enjin’s upcoming Efinity blockchain.
  • Enjin Coin price shows a solid bounce from a demand level, hinting at a 20% upswing.

Enjin, an NFT-related blockchain, has announced integration with Uniqly, a bridge between NFT and physical products. ENJ price revealed a quick bounce from a support area as users reacted to this news.

NFT adoption soars

Enjin has been one of the significant NFT-focussed blockchains before the mania took over the main street.

Uniqly is a marketplace that allows trading NFT tokens backed by real-world items and is also an escrow that simplifies the exchange of physical products like clothing, works of art, collectibles, etc.

The recent collaboration will allow Uniqly to onboard its ecosystem on Enjin’s Efinity blockchain, which brings the cross-chain NFT markets one step closer to reality.

The blog details:

Working with Enjin will allow us to take the first step toward a global, decentralized market that blurs the lines between the physical and digital world.

Although not definitive as of this writing, the partnership has plans to launch the first planned release of a limited-edition collection of designer NFT shirts, all redeemable via the token burn process.

Enjin Coin price primed to test swing high

Enjin Coin price dipped into a demand zone that stretches from $1.92 to $2.18 on May 10. Since then, ENJ has surged 21% to move above this support area successfully. This move suggests a resurgence of buyers, indicating that a bull rally awaits Enjin Coin price.

The Momentum Reversal Indicator (MRI) has flashed a buy signal in the form of a green ‘one’ candlestick on the 6-hour chart, further confirming the bullish outlook mentioned above.

This setup forecasts a one-to-four candlestick upswing for ENJ.

Hence, investors can expect ENJ to rally toward the $2.86 level, the swing high created on April 29. However, the resistance level at $2.65 may slow down this ascent or even stop it in its tracks. Therefore, market participants should keep a close eye on this barrier.

ENJ/USDT 12-hour chart

ENJ/USDT 12-hour chart

On the flip side, a potential spike in selling pressure that produces a 12-hour candlestick close below $1.92 will invalidate the bullish thesis and kickstart an 11% downswing to $1.69.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP correction slide as BoJ rate decision weighs on sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday.

Top Crypto Losers: Pump.fun, Pudgy Penguins, and Hyperliquid extend bearish streak

Pump.fun, Pudgy Penguins, and Hyperliquid lose ground in an extended bearish streak, recording double-digit losses this week. The surprise drop in the November US CPI to 2.7%, beating expectations of 3.1%, fueled a rally in the stock market.

Bitcoin, Ethereum, XRP face sharp volatility as US posts lowest inflation rate in years

Bitcoin, Ethereum and XRP saw increased volatility following the US CPI report for November. The US headline inflation dropped to 2.7% while core CPI fell to 2.6%, its lowest level since March 2021.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.