(ENJ) Enjin Coin Price Prediction & Forecast
[Updated 7 February 2019]
Thinking of investing in Enjin Coin in February 2019? Here is our honest price prediction and forecast.
- Fundamental Analysis
- Technical Analysis
- Specialists’ Perspective
- Enjin Coin Price Prediction 2019
- Enjin Coin Price Prediction 2020
- Enjin Coin Price Prediction 5 years
- Our Prediction
Enjin is one of the largest gaming blockchain platforms in existence. The platform supports game development, websites, stores, and a range of other gaming-service products. Focused on trust and efficiency, Enjin’s goal is to secure and protect data and intellectual property. With 250,000 gaming communities under its umbrella and 20 million gamers currently registered with Enjin, the platform appears stable.
The information-technology company is supported by its native digital currency, the Enjin Coin (ENJ) token. Designed to streamline and secure financial transactions within a decentralized platform, Enjin Coin brings blockchain technology to gamers.
ENJ is interwoven within the Enjin network to provide simple payment services for the gaming community. This is achieved through a variety of smart contracts for the management of virtual goods and services. The ENJ token also improves transactional throughput within the network.
With a current price of 0.0261 USD and a low market cap of $19,874,250 USD, the ERC20 token has been performing poorly alongside other digital currencies over the past month. However, given that the token is being used in a number of gaming platforms, the price should remain relatively stable at or near the .0261 USD.We at BeInCrypto expect the price of Enjin to remain at or around $.026 through the end of 2019, before beginning its recovery in the first half of 2020. Click To Tweet
The fundamentals of Enjin are strong but, so far, the execution of ENJ’s robust platform designs does not match with the lofty expectations of the initial coin offering (ICO).
Already enormous, the gaming industry is growing at an exponential pace. Enjin provides blockchain technology-based foundational tools to support its growth. These smart contract tools enable the development of video games, decentralized applications (DApps), eSports, and incentive programs.
The ENJ token is a means to include security and trust throughout game technology development. With Enjin Coin, developers and online gamers can utilize SDKs for a range of payment platforms, wallets, and languages.
The native ENJ token also provides a solution to exorbitant fees and high rates of fraud in gaming. Blockchain transactions allow for very low transaction fees. The decentralized, distributed ledger technology decreases the rate of fraud — which has been historically high for virtual item e-commerce.
In addition to smart contracts, Enjin uses the JSON-RPC protocol to allow users to check account balances before, during, and after the purchase or sale of virtual goods within games such as Minecraft. The Enjin payment gateway and smart wallet functionality support this system.
Like a coin that has been developed specifically for the gaming industry, Enjin’s low market cap (barely three percent of Bitcoin) and unambiguous use case set the stage for market struggles. The past year has made these struggles all the more real for the coin.
At the height of the market in December 2017, ENJ was trading just below $0.50 USD — never breaking above the fifty-cent ceiling. The Enjin ICO token sale had just ended the month prior, running from Oct 3, 2017 to Nov 1, 2017.
With the subsequent market-wide decline in Q1 2018, ENJ dropped through February — quickly hitting prices below $0.01 USD by mid-March. A short recovery followed, with prices approaching $0.20 USD in May. However, by the end of the month, the decline started a slow but steady pace that has not subsided since.
A bearish trend prevailed throughout Ethereum-based tokens and the entire cryptocurrency market in 2018. It is no surprise that ENJ, an ERC20 token, collapsed alongside the rest of the market. The coin has lost over 95 percent of its value from its December all-time high.
However, the coin has shown resiliency since mid-December, fluctuating at or below the $.05 mark. If this support remains, Enjin may have found its low — providing support for future gains.
Cryptocurrency analyst sites, as well as industry experts and thought leaders, are not universally positive across the board when forecasting the future of Enjin tokens. Digital currency prices are inherently volatile. The market turmoil over the past year has done nothing to alter that reality.
Beginning with very-bullish predictions from sites like MegaCryptoPrice, which forecasts nothing but increases in the future, a lot of speculation surrounds ENJ tokens. MegaCrytoPrice predicts short-term gains as well as price increases of over 300 percent in the coming year.
Trading Beasts doesn’t expect to see an end to this bear market in the first or even second quarter of 2019. However, by June 2019, the site predicts the start of a steady price increase. The expected maximum price prediction by August 2019 is $0.09 USD.
Popular crypto forecasting site Cryptoground offers a steadier upward forecast, with prices possibly approaching $0.07 in 2019.
A much more bearish approach from WalletInvestor suggests a continued steady decline in ENJ prices — possibly dropping as low as $0.0054 or lower in the coming months. According to this site and other experts who believe the bear market has not yet hit rock bottom, the long forecast for ENJ and many other digital currencies is pretty dismal for the next 12 months.
Experts cite the growth of digital and virtual assets as a reason to believe prices may actually increase in the coming year. With the thrust towards the digitization of assets increasing and the awareness of cryptocurrency assets also on the rise, Enjin may have a lot of potential ahead. As long as the company is able to continue moving forward in its game plan, the price of the token should also continue to remain stable. This stability may eventually attract a lot of investors to this cryptocurrency.
Enjin Coin Price Prediction 2019
With the reversal in the downhill direction of the entire market over the next year, ENJ could see a price of $0.01 by the end of 2019.
Movement in either direction is likely to follow top performing digital coins — most notably Bitcoin (BTC) and Ethereum (ETH). Ethereum has not dropped below $100 USD since early December. While it continues to maintain a price above $100, there has not been an appreciable correlation between ETH and ENJ over the past month.
However, if the digital currency market manages to turn itself around and show some upward momentum, ENJ prices could increase to $0.10 USD in 2019.
The Enjin platform is both flexible and innovative. It fills a need in the gaming space and provides added versatility to an exploding industry. However, the coin price could also swing in the opposite direction in 2019. It is not out of the question for the coin to drop to $.005 in the coming months, particularly in the event of another bear market downturn or substantially negative news from the platform.
Enjin Coin Price Prediction 2020
By 2020, the entire cryptocurrency market is likely to have stabilized. Stabilization will likely reveal a stronger picture of the true value of ENJ. If the token is truly undervalued and usability increases, it will begin to see a healthy performance by the year 2020 — perhaps approaching $0.20.
Certain platforms like digitalcoinprice.com are forecasting a price increase by the end of 2020 to at least $0.10.
Conversely, platforms such as WalletInvestor suggest that ENJ is a poor long-term investment, as the risk of it dropping to zero is high if the platform shutters. This would be predicated by an ongoing bear market with absolutely no recovery for the next 12 months or more. A situation such as this could be catastrophic for ENJ, resulting in complete closure.
Enjin Coin Price Prediction 5 years
Sources predict an increase in the price of ENJ by at least $6.50 within five years. However, prices could rise as high as $10.00 in the next five years — should the token become the go-to choice in the gaming community. Overall predictions in the case of widespread adoption are extremely positive.
These forecasts are also the result of an expected recovery in the cryptocurrency market. Additionally, the predicted and continued rise of the online gaming market will aid the growth of the ENJ token. This rapidly expanding industry could be worth as much as $170 billion USD within the next five years.
Such growth requires strong infrastructure and foundational technology. Blockchain companies have identified a need within the gaming industry, not just for payment flexibility, but also for the SDK opportunities provided by blockchain.
Any five-year price prediction should take into account factors such as these.
BeInCrypto offers realistic forecasts based on real data rather than fantastical, imaginative and biased predictions based on excessive speculation. Because of this, we forecast a slow start to ENJ’s recovery, with prices remaining relatively stable, or possibly reaching as low as $0.005 during the year 2019.
However, the long term prospects of ENJ are less disappointing. Despite its continued downtrend and low market cap, ENJ shows promise. If the token can persevere through the current bear market and its associated price slump, ENJ could rise as high as $10.00 or more in the years to come.
With the entire crypto market in a continued slump, it is important to maintain a realistic view of possible trading outcomes for all digital currencies. This is fairly easy with a token like ENJ — which has a strong underlying concept and an enormous, although specialized, user base.
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Nevertheless, investors should always do their own research and tread lightly before investing in cryptocurrency. All cryptocurrencies, including Bitcoin, are extremely volatile. Historical data is not indicative of future results. Never invest more than you can afford to lose, and be prepared to lose everything.
What do you think of our Enjin Coin prediction in 2019? Think the platform will achieve widespread adoption? What do you think the Enjin Coin (ENJ) price will be in the future? Let us know what you think of our ENJ price prediction in the comments below!
Images courtesy of Shutterstock, CoinMarketCap, TradingView.
Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile.