A Large Breakout Awaits Enjin (ENJ) After Its Scaling Update This Week
A Large Breakout Awaits Enjin (ENJ) Following Its Scaling Update This Week
ENJ was trading lower ahead of the JumpNet update, partly due to a prevailing corrective mood across the cryptocurrency market. The majority of the alternative cryptocurrencies trade under the top token Bitcoin’s influence. The BTC/USD exchange rate was down 0.65 percent on Monday morning. Meanwhile, ENJ/USD slipped 2.80 percent in the past 24 hours.
The JumpNet upgrade would result in a full-scale Enjin network overhaul, the next upgrade dubbed as”Efinity.”
Source: Enjin Official Site
The first of these updates, dubbed as JumpNet, will be released on Tuesday. It is”a personal version of the Ethereum blockchain using a Proof of Authority (PoA) method of consensus, allowing instant, secure, and gasless on-chain transactions.” Enjin intends to add more nodes to the Jumpnet by partnering with”trusted companies.”
In retrospect, Symmetrical Triangles that appear in an uptrend tend to send the costs up by as much as the maximum construction height. The height between the Enjin triangle’s upper and lower trendlines is $1.38.
At exactly the same time, these upgrades proposed to eliminate Ethereum’s expensive gas prices altogether while raising support for the flourishing non-fungible token (NFT) industry (NFTs are publication, non-replicable cryptographic tokens which exist on a blockchain).
Therefore, a breakout move to the upside could send the ENJ/USD rate to at least $3.81. Its current bid is near $2.26.
The mid-cap blockchain project, active since 2009, provides services for building gaming communities and products for game developers. It offers a suite of tools based on a web interface which enables Ethereum digital assets in the form of ERC-1155 tokens. ENJ serves as the de-facto settlement token for the Enjin network, similar to how ether backs the Ethereum blockchain.