The focus on data and web3 technology has continued to push Enjin price up in the markets. In July, the crypto closed the market with a gain of 20 per cent, a trend that is looking to continue in August.
In yesterday’s trading session, Enjin traded aggressively bullish in the early hours, and it was up by 17 per cent at one point. However, during the late hours of the trading session, the prices started to come down, dropping by 10 per cent, closing the markets by 5 per cent.
Today, the drop looks to be continuing, with prices already down by 5 per cent. However, the trend is also looking aggressively bearish, and there is a high likelihood that the intraday trading will push the Enjin price to close further down in today’s trading session.
Despite today’s price drop, my Enjin price prediction is still to the upside. Most of my reasons for the current bullish forecast have to do with fundamentals and not technical analysis.
For starters, Enjin has continued to partner with other platforms, with the latest partnership being with Square Enix. This partnership will see Enjin power NFT collectables for role-playing video game franchises. Although the partnership’s first products will come next year, it is a sign of things to come in the next few trading sessions.
Enjin Price Prediction
Today’s trading session is down by 5 per cent. However, the trend is still aggressively bullish, and looking at the chart below, I expect the prices to recover in the next few trading sessions.
The crypto has also had a few positive fundamental factors, with more on the way, which will see the prices continue to push upwards. My expectation for the next few trading sessions is for Enjin to break yesterday’s price high of $0.720.
However, my bullish analysis will be invalidated if the prices drop below the $0.57 price level and a recent trading session price low. It will also signal a possible reversal to the downside.