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Trade Recommendation: Enjin (ENJ)

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Enjin Coin has recently finished its ICO and is currently available on a few exchanges. The primary metric to look at is the market cap of a company, especially after the initial exchange selloff. Most ICO investors are looking for a coin with a small market cap so that they can get 2x – 5x return. Enjin Coin has a very low market cap at the moment in relation to the maturity of the company. This will be a great candidate to swing trade. There are four reasons this coin is a swing trade candidate besides the fact that it has dipped to previous lows and is a great buy at the moment.

1. Enjin currently has a contest running on Binance.com that will pay large amounts of ENJ tokens  to the top holders during the competition. This ends on November 25th. Basically, you just have to buy ENJ on Binance and hold it until the end of the contest. The top holders will be rewarded. Here is the contest info: Enjin Binance Contest

2. Enjin is releasing its Mobile Smart Wallet as well as the Minecraft plugin soon. This will allow game developers to use ENJ in the gaming community.

3. The chart shows the MACD crossing upward over the EMA 9-day signal indicating another bullish run.

4. Enjin could be compared to GameCredits, which is currently trading on Bittrex. GameCredits has a market cap of $123,000,000; DigiByte has a market cap of $85,000,000. If Enjin only reached the market cap of DigiByte that would be a 5x ROI and if it reaches GameCredits’ market cap then investors would see an ROI of 8x. For the short term, the entry point is 0.00000265 BTC with a stop loss order placed at 0.00000242 with a profit target at 0.00000318 BTC.

Market: ENJ/BTC
Buy: 0.00000270 BTC
Stop: 
0.00000248 BTC
Profit Targets: 
0.00000324 BTC – 0.00000328 BTC

If your profit target hits 0.00000324 BTC, you will have made 20% return.

Disclaimer: The analysis is invested in ENJ.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 52 rated postsKent Hamilton - Co-Founder of CryptoDayTrader.io, where we are building Pro Crypto Tools




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9 Comments

9 Comments

  1. Manymoney

    November 19, 2017 at 7:55 am

    Contest running on Bittrex, really ? Or the writer just uploaded the drawft copy withput reviewing it. Please correct the same cause new investors of enjin coin will get puzzled.

    • Sam Bourgi

      November 19, 2017 at 9:08 am

      This was a typo that was quickly fixed. The same paragraph had Binance listed in two other places. Thanks for catching it, though.

  2. Kent Hamilton

    November 19, 2017 at 8:00 am

    The link is pointing to the correct contest on Binance.com. There was a minor error stating it was Bittrex instead of Binance. This is being corrected.

    Thanks

  3. Kmpec

    November 19, 2017 at 4:07 pm

    Good call, I missed it, since I wasnt interested in Enjin. But after reading it, I might consider a long term investment. Digibyte or GameCredits seems to me much more a sandbox, than Enjin.

  4. Haylayf

    November 19, 2017 at 4:30 pm

    It’s already around 0.00000320 on binance, shall we retreat now or do you think it will go higher?

    • Kent Hamilton

      November 19, 2017 at 4:58 pm

      If buying is starting to stall and you got in around 0.0000275 then you have still made a decent profit around 16%. You could sell to take profits and then wait for another small dip. If you are looking for more of a long term investment then the market cap is still low and a good buy.

      I own this coin and have since the ico. I am looking for long term growth.

      • fb212

        November 23, 2017 at 1:06 pm

        Kent Hamilton

        Great post! Thank you.
        But I don’t understand where i can invest in ENJ.

        I want to invest in long-term, can you tell me where can I do that? I’m using markets.com platform but theres no ENJ coin. I also have Trezor e-wallet with bitcoins. Where can I buy ENJ coins and hold?

  5. Haylayf

    November 21, 2017 at 1:09 pm

    I might have trapped myself here:) Where can you check the RSI for ENJUSD, I can’t pick it up from tradingview.

  6. thestorm

    January 6, 2018 at 8:01 pm

    thanks for this recommendation Kent, I’m still hodling them 🙂 20x so far might soon be time to say goodbye thou

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Altcoins

Ravencoin (RVN) Arrives With 118% Weekly Growth Ahead of Mainnet Launch

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Ravencoin (RVN) made its entry into the market cap top one-hundred on Sunday, propelled by a Binance listing, and 118% sustained growth over the course of the week.

Trade volumes for the asset-creation coin hit all-time highs on Thursday, rising an incredible 23,000% from $212,000 to $49 million within the space of ten days.

Ravencoin has been around since 2017, and the upcoming mainnet launch on October 31st marks the one year anniversary of the coin’s creation. It also marks the ten year anniversary of the release of the Bitcoin whitepaper by Satoshi Nakamoto.

RVN Rising

Ravencoin was going relatively unnoticed until it gained a Binance listing on October 11th. As you can see from the chart below, the Binance listing completely changed the coin’s fortunes.

Indeed, if we look at the source of today’s $49 million worth of trades we see that Binance has housed just under 85% of the total.

In the past week the coin rose 118% in value, climbing from $0.017300 up to Sunday’s peak of $0.037732. Since the date of the Binance listing the coin is up 172% in value, and finds itself among the market cap top-eighty.

What Is Ravencoin?

The Ravencoin protocol is open-source and available to the public, and focuses on the creation of digital assets on its Proof-of-Work (PoW) blockchain.

The blockchain itself is secured by sixteen different hashing algorithms, all of which are rotated on a non-patterned basis. The algorithm changes depending on the final digits in the preceding block hash, making it impossible to predict by ASIC mining machines.

As stated in the initial release notes last year:

“The core developers are currently focused on building the asset layer which will allow Ravencoin to facilitate the transfer of assets.  There is a hard-fork planned for the network to implement this additional asset layer in around October/November 2018 time frame.”

The devs appear to have held true to that time frame, and the mainnet upgrade is expected to go ahead as planned on October 31st.

The release notes state that no premine was used, nor are there any developer rewards. The blockchain is intended to be a Bitcoin for digital asset creation, and according to the official documentation:

“Assets can come in a variety of types, such as financial instruments such as security tokens/stocks/bonds/deeds/etc as well as gaming items (ex. a sword)/conventional asset management/managing  distributions for co-ops/digital art. There are a lot of real-world applications that this blockchain is intended to disrupt and improve.”

More can be read about the coin’s unique hashing algorithm, known as X16R, in the dedicated whitepaper provided in the Ravencoin release.

Disclaimer: The author 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 (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Minor Bounce Lifts Crypto Market Cap Above $211 Billion; Tether Circulation Plummets

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Crypto prices traded modestly higher on Sunday, as bitcoin regained its footing above $6,500 and major altcoins avoided further losses.

Market Update

The cryptocurrency market capitalization on Sunday peaked at $212 billion, the highest in five days. At the time of writing, the market was valued at $211.5 billion.

Most assets ranked in the top-20 had reported minor gains over the last 24 hours, a period marked by lower trade volumes. The bitcoin price has returned above $6,500 on trade volumes of just $3.2 billion. The leading digital currency continues to trade at a premium on Bitfinex.

Meanwhile, Ethereum rose half a percent to $206. XRP also climbed 0.5% to $0.459. Bitcoin cash was last seen trading above $449 for a gain of 1.6%.

Stellar XLM was the only top-ten coin not to report gains at the time of writing. However, the no. 6 coin by market cap has returned more than 13% over the past week, far outpacing the broader market.

Trade volumes have declined steadily over the past week, as markets re-balanced following a sudden spike on Oct. 15. Digital exchange volumes have fallen to $9.7 billion on Sunday, according to CoinMarketCap.

Tether Market Cap Plunges

Since the start of October, Tether has pulled more than $600 million worth of USDT out of circulation, leading to a sharp drop in the stablecoin’s market cap. Cryptocurrency exchange Bitfinex, which is run by the same executive in charge of Tether Limited, appears to be leading in the offload of USDT tokens. As CCN recently reported, Bitfinex has initiated six transfers of USDT funds to the Tether Treasury this month. The latest transfer was initiated on Wednesday when Bitfinex sent 50 million USDT to the Treasury.

Most of the outflows from Bitfinex occurred long before USDT lost its peg to the dollar in a single-day crash on Oct. 15. USDT briefly fell below $0.90 that day before quickly recovering around $0.94. Currently, one USDT is equivalent to $0.984 U.S., according to CoinMarketCap. Some exchanges are quoting USDT as low as $0.96 on Sunday.

The sudden decline in Tether’s circulation comes at a time when the company is facing heightened scrutiny over its dollar-backed reserves. An influx of alternative stablecoins offering greater transparency and regulatory oversight may also be undercutting demand for USDT.

Case in point: the Gemini Exchange’s GUSD stablecoin reached a high of $1.19 on Tuesday before settling around parity against the dollar. Unlike USDT, the Gemini Dollar has obtained regulatory approval from the New York Department of Financial Services. On the opposite side of the spectrum, Tether has been subpoenaed by federal regulators over its connection with Bitfinex and failure to prove its dollar reserves.

Disclaimer: The author 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 (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 648 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Altcoins

TRON (TRX) Transactions Outnumber Ethereum’s Thanks to TRONbet Gambling App

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For the past year much of Justin Sun’s time was spent trash-talking Ethereum on Twitter, while talking up the future potential of his own TRON blockchain.

Such behaviour once made it easy to dismiss Sun as a mere troll, however it now looks like TRX might actually be gearing up to do battle with ETH based on its rapidly growing number of users and transactions.

TRX Transactions Soar

The amount of transactions on the TRON blockchain outnumbered that of Ethereum for the first time ever this week. In the three day period between Oct 18th and Oct 20th, TRX transactions outpaced their ETH counterparts by several tens of thousands.

The sudden jump in transactions comes in large part from the recently launched TRON-based gambling app, TRONbet. According to Sunday morning’s tweet from the TRONbet team:

“Amazing start for #TRON with http://tronbet.io doing almost 180k Txs a day! Almost 30% of all Txs! 165,000,000 $trx won by users. @justinsuntron @Tronfoundation has shown us the endless possibilities!”

The 180,000 transactions mentioned helped to boost total TRX transactions from 222,000 on October 17th, up to Friday’s peak of 630,000. Going back to October 10th, the total number of TRX transactions was in the 80,000 range, meaning the last ten days have seen a 687% increase to transaction volume.

Justin Sun marked the occasion with a celebratory tweet, stating:

“Ethereum has 82,418 Txs pending today. It is the second day that #TRON has surpassed #ETH in daily Txs. 10/18 #TRX 599,677 vs. ETH 565,971; 10/19 $TRX 630,018 vs. ETH 601,119. All ETH developers need to migrate to TRON immediately with 0 cost!”

Smart Contracts

One can only speculate on where the rest of the TRON transactions came from, but according to TRXPLORER.io, the vast majority of them were triggered by smart contracts:

“Yesterday we had the highest spike of transactions on #TRON network with almost 600k transactions in a day! 77% of those transactions were Smart Contracts that were triggered!”

To provide some perspective, it took the TRON blockchain four months to achieve the number of transactions that Ethereum achieved in nearly three and a half years.

A skeptic may demand to know exactly where these transactions are coming from, after all, even Ethereum has seen huge increases to transaction volumes thanks purely to pointless smart contracts which move the same funds between multiple addresses.

As covered here previously, October has been a productive month for TRON. The number of accounts created on the blockchain recently outpaced EOS, gaining 100,000 more new accounts than EOS in the previous four month period.

Meanwhile, a quick glance at Google Trend analysis for ‘TRON’ searches compared to ‘Ethereum’ reveals that TRON is being searched for more than its older counterpart.

The chart shows the same pattern for ‘TRX’ searches compared to ‘ETH’.

Disclaimer: The author 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 (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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