While Enjin Coin Explodes, These Low Cap Altcoins Could 10x This Year
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Leading GameFi platform Enjin (ENJ) saw a massive 20% pump yesterday on the back of bullish FOMC news. Now, the price has retraced back 4%, with bulls wondering whether it’s time for the next leg up.
Enjin (ENJ) has seen an impressive 2023 so far, forming a bullish trading channel after a rally ignited in January.
The steadfast bullish technical structure is solid and could set the stage for ENJ to reclaim past heights.
Enjin is a platform focused on equipping GameFi developers with the tools they need to build on the back of Ethereum.
Enjin (ENJ) Price Analysis
As the New Year broke the ice of a difficult crypto winter for Enjin, January saw a steady 82% climb.
A period of consolidation into February carried price action for three weeks. Until a 20% breakout candle sent ENJ rocketing yesterday.
This was fuelled by bullish development news published by CoinMarketCap’s spotlight report. And emboldened by positive sentiment from the FOMC meeting.
A strong support level has emerged from the three weeks of consolidation above $0.45.
With price action primed, Enjin is targeting upside potential to $0.70 (+35%) – a historic level last seen in August 2022.
How High Could Enjin (ENJ) go?
As for indicator signaling, the RSI is on the fence at 52.
It is noteworthy how quickly the RSI was able to cool off from yesterday’s pump, suggesting there is strong momentum behind this rallying price action.
The MACD provides slight reassurance showing minor bullish divergence.
With nothing to indicate concern, it seems likely Enjin’s recovery rally is set to continue – providing fundamentals remain unchallenged.
And with a Risk: Reward structure of 2.55 – an attractive entry characterized by limited downside risk – Enjin bulls are on parade.
But with GameFi anticipated to become a breakout crypto sector, with an estimated future market cap of $38bn by 2008, what other GameFi tokens could see big returns this year?
Walk the Way of the Warrior: Fight Out (FGHT)
With the play-2-earn narrative firmly back in market view following the STEPN airdrop, many investors are looking to find safer GameFi trades with better upside potential and less precarious price action.
One solid contender garnering significant attention on crypto Twitter is Fight Out (FGHT).
Positioning itself as a more advanced and better-developed STEPN, this new play-2-earn dApp aims to take you on a journey to becoming your ultimate fighter self.
Where STEPN failed – with one-dimensional pedometers measuring step count and an overpriced ecosystem that forced players into heavy transactions to unlock any real return.
Fight Out aims to achieve success by providing a sophisticated and versatile application that can gauge and incentivize various types of physical activity, ranging from boxing workouts to late-night weightlifting sessions at the gym.
All of this is based around a soulbound avatar (think of this like a STEPN sneaker that can’t be bought or resold) – custom designed by the player, this NFT embodies the user’s fitness journey.
As you train and work out, this is recorded, and levels up your soulbound avatar’s stats in real-time – while also earning you in-game $REPS tokens.
These $REPS tokens are redeemable for network native $FGHT, which can be cashed out, spent in the NFT marketplace, or put up for grabs in high-stakes PVP community competitions that pit you against other users to see who can train hardest that week.