Enjin (ENJ) Surges 60% Following Partnership With Microsoft

  • Enjin Coin surged 60% today after a successful partnership announcement with Microsoft.
  • ENJ broke above the 1000 SAT level and looks to continue.
  • Enjin is now ranked as the 72nd top cryptocurrency with a market cap of $50 million.

Enjin Partners Up With Microsoft

Microsoft and Enjin have teamed up to create Azure Heroes – a project that rewards contributors to the community for posting content, creating demos, building sample code, and blogging about Azure.

Creators are nominated and receive a collectible “digital badger,” a digital badge, relating to their field in which they have contributed. These digital badgers have a very limited supply and cover categories such as Content Hero, Community Hero, Mentor, and Maker.

These badger heroes have been tokenized as assets on the Ethereum blockchain, and therefore, we can be sure that they are limited edition! Each season the collaboration will see a release of a new set of badgers that also will have a finite supply! Those that are selected to become an Azure Hero will scan their QR code, and the non-fungible token (NFT), the badger, will instantly be transferred into their ownership for their usage!

The announcement of this partnership has caused Enjin to surge by a momentous 60%.

ENJ Key Support & Resistance Levels

ETJ/BTC:

Support: 1200 SAT, 1000 SAT, 800 SAT

Resistance: 1600 SAT, 1740 SAT, 1825 SAT

ENJ Shatters The 200-Days EMA Against Bitcoin

enjbtc-dec5

Analyzing the daily chart above, Enjin surged significantly over the past two days, increasing by a total of 60%. This caused it to smash the resistance at 1000 SAT, which is bolstered by the 200-days EMA.

ENJ continued higher to reach the current trading price of around 1290 SAT – creating a fresh 7-month high that has not been seen since June this year.

Enjin Coin Short Term Price Prediction

If the buyers continue to push the market higher, we can expect immediate resistance to be located at 1604 SAT and 1740 SAT. Above this, resistance lies at 1825 SAT (1.618 Fibonacci Extension level).

Alternatively, if the sellers step back in and push the market lower, we can expect support at 1200 SAT. Beneath this, support is located at 1000 SAT (200-days EMA), 900 SAT, and 800 SAT (100-days EMA).

The RSI is approaching extreme overbought conditions, which could be a sign that the market may be overextended, which is unsurprising when we consider the parabolic move.

Click here to start trading on BitMEX exchange and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.
Technical analysis tools by Coinigy.