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Exciting Altcoin – Up 22% in 24 hours – Enjin (ENJ) – Revolutionizing the Gaming Industry

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Exciting Altcoin – up 22% in 24 hours – Enjin (ENJ) – Revolutionizing the Gaming Industry

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Ever played a game for hours, sometimes day to earn a rare game asset? Well, now there is a way to sell that asset using a digital currency called ENJ’s and earn actual real money (cryptocurrency converted to cash). Enjin allows you to buy and sell virtual goods between games in a digital marketplace. There are currently over 1,460,000 gamers ready to adopt ENJ and buy and sell digital assets.

This altcoin is rising even while a lot of others are falling. Most are falling because of the upcoming bitcoin fork. As users buy/sell virtual goods they will be consuming ENJ coins. This decreases the supply while increasing the demand for the coin, which in turn raises the price.

Enjin has a top notch development team as well as some heavy hitting advisors, including one of the Cofounders of Ethereum:

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  Anthony Di Iorio
– Cofounder of Ethereum
– Founder of Jaxx Wallet

Game developers have been earning millions allowing users to buy virtual assets. Now you, as an investor, can take part in this as well by buying Enjin coins yourself. ENJ has just recently been added to the Binance.com exchange. If you look at Enjin (ENJ) chart you will see that it has risen 22% in 24 hours. That is just the beginning for this altcoin. Also, something important to keep in mind is that the volume is steadily increasing. You can see this referenced on the bottom of the chart.

The Enjin (ENJ) ICO crowdsale has just recently ended and it is already on 7 exchanges including Binance. A lot of altcoins struggle for months just to get on 1 or 2 exchanges and Enjin coin has gotten on 7 in three days following the end if the ICO sale. This makes the ENJ coin easier to trade for more and will increase the marketcap and liquidity. Here are the current exchanges you can get ENJ on at the moment:

Enjin is already a very profitable company that will continue to expand. Some notable Enjin stats:

  • 7 million gamers and hosting over 250,000 gaming communities
  • Reaches 60 million global views per month
  • Millions of USD per month in virtual goods sales

Currently, when purchasing virtual assets there is a lot of fraud and lost virtual cash and goods. Enjin guarantees 100% trust and security with minimal fees. Enjin is also creating a smart wallet and app to streamline user experience by linking the wallet to trusted games and websites that allow buying and selling of virtual goods.

Enjin has recently released a development update as they are very active on their roadmap. You can view their latest dev update video here:
https://www.youtube.com/watch?time_continue=3&v=WSBH3s36YXg

If you want to read details on the coin itself and how it works you can take a look at their Whitepaper:
https://enjincoin.io/enjincoin_whitepaper.pdf

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trading recommendation: Lisk/Bitcoin

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The best way to trade a range-bound market is to buy at the lower end of the range and sell at the upper end. If the range is large and well established, it offers us a good risk to reward objective. We believe that LSK/BTC fits the bill and offers us an attractive opportunity to buy at the support and sell at the resistance.

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Key points

  1. LSK/BTC has formed a large trading range.
  2. Buy at the lower end of the range.
  3. Sell at the upper end of the range.

Weekly chart

LSK/BTC has been trading in a large range of $0.00046 on the lower end and $0.0016 on the upper end. On three occasions, the cryptocurrency pair has bounced off the supports. Similarly, it has returned from the $0.0016 levels thrice. The range is well defined. Currently, price is trying to rebound after breaking below the lower end of the range last week. We believe that a buy at current levels offers us a low-risk and high-reward trading opportunity.

Daily chart

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On December 07, the cryptocurrency pair broke below the support of $0.00046. However, the very next day, it climbed back into the range, which is a positive indication. This shows that the bulls want to keep the range intact. However, the rally from the lows hit a roadblock at the 20-day EMA.

Currently, LSK/BTC is again pulling back towards the lower end of the range. If the support holds, we believe that the digital currency will again rally to the upper end of the range. Therefore, we suggest buying 50% of the desired allocation close to $0.00050 levels. Remaining 50% of the position should be purchased once the digital currency breaks out of $0.00068. The profit objective is a rally to the upper end of the range at $0.0016. The trade should be closed if the virtual currency breaks down and sustains below the lower end of the range. This is a long-term trade.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: XMR/BTC Pair Throwback

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The XMR/BTC market (Monero) has been in downtrend on the hourly chart after posting a high of 0.0225 on December 6 and failing to hold critical support at 0.02. It went to as low as 0.0145 on December 8 before respecting RSI at 32 where it established support. The market used the new support level to rally and generate one higher low after the other. It recently attempted to reclaim support at 0.02 but was repelled by bears. Currently, the market is trading around 0.019 levels where it appears to have created another higher low.

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Technical analysis shows a large reversal pattern in the hourly chart that can take the XMR/BTC pair to 0.025. Even though the market failed to breach resistance at 0.02, investors should not see it as a failed breakout. What we’re seeing is a throwback which is a temporary retreat in price. Throwbacks are common in breakout plays and are often seen as a bullish signal. The next time the market attempts to breach 0.02 resistance, it has a much better chance of breaking it with conviction.

The strategy is to buy breakout at 0.02 with immediate stop at 0.0189.

Hourly XMR/BTC Chart on Poloniex

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As of this writing, XMR/BTC is trading at 0.018714 on Poloniex.

Summary of Strategy

Buy: breakout at 0.02

Target: 0.025

Stop: move below 0.0189 after buying breakout at 0.02.

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: FCT/BTC Bullish Reversal

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The market reach its all-time high back in June this year when FTC/BTC (Factom) reached 0.01463162. Unfortunately, the pair wasn’t able to sustain its momentum. It created a lower high several days later at 0.01066744 which signalled investors to take profits or cut their losses. As a result, the market tumbled and lost 93.17% in value from its all-time high. Such a tremendous loss would have created an atmosphere of despair in the market. Usually, that’s when the savviest traders come in.

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Technical analysis reveals that the worst is behind the pair. FCT/BTC touched support at 0.001 on the daily chart twice and respected it on both occasions. This is a good indication that the market has found a reliable support level. In addition, hourly chart shows that a large reversal pattern is underway. The pair may have retreated when it nearly touched 0.002, but it generated a new higher low in the process at 0.00156566. The throwback is a bullish signal that enables the pair to gather momentum to break resistance at 0.002.

The strategy is buy on breakout at 0.002. Breach that level and the market reclaims 0.003. Sell that level because it is a strong resistance.

Hourly FCT/BTC Chart on Poloniex

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As of this writing, FCT/BTC is trading at 0.001738 on Poloniex.

Summary of Strategy

Buy: breakout at 0.002

Target: 0.003

Stop: move below 0.0018 after buying breakout at 0.002.  

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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