- Enjin Blockchain will be launched on September 13th.
- ENJ will move from Ethereum’s ERC standard to Enjin Blockchain.
- The token has formed an inverted cup and handle pattern.
Enjin Coin price staged a strong recovery on Wednesday, becoming one of the top gainers in the crypto industry. The ENJ token soared to a high of $0.276, the highest level since August 15th. At its peak, Enjin was up by more than 25% from the lowest level in August.
Enjin Blockchain launch
Enjin price soared after the developers finally revealed the date of the Enjin Blockchain launch. In a tweet, they revealed that the network will upgrade on September 13th.
The statement added that Efinity Matrixchain will be formally integrated as the pioneer chain in the new platform. Further, the ENJ token will move from Ethereum’s ERC standard to the new Enjin Blockchain.
Enjin’s core features like staking, governance, fuel tanks, and managed wallets will also move to the platform.
For starters, Enjin is a network that focuses on the Non-Fungible Token (NFT) and the metaverse industries. Its goal is to create a platform where people can mint NFTs and trade them easily.
A few months ago, the developers decided to merge Enjin with Efinity. Efinity is their NFT platform, which is best known for being a Polkadot parachain. As part of the merge, they decided to build an independent blockchain that will be home to all their projects. The statement added:
“Once the integration is complete and all data is transferred, Efinity will stop producing blocks, and there’ll just be one, unified chain for the entire Enjin ecosystem to enjoy.”
Operating as an independent chain will have many benefits, including faster speeds, lower transaction costs for users, and more staking rewards.
Enjin Coin price forecast
The daily chart shows that the ENJ token price found a strong bottom at $0.228. It failed to move below that level on June 10th and in August. Enjin is hovering at the 50-day and 25-day moving averages.
A closer look shows that the token has formed what looks like an inverted cup and handle pattern. It has already completed the cup part and is now forming the handle section. In price action analysis, this pattern is usually a bearish sign.
Enjin is below the descending trendline that connects the highest swings since April. Therefore, there is a likelihood that the ENJ token will see some more gains in the near term and then resumes the bearish trend. The key support and resistance levels to watch will be at $0.228 and $0.331.
