A massive breakout prepares for ENJ token, the Ethereum rival, after the recent scaling update that it underwent over the past week so let’s read more in our latest altcoin news.
The mid-cap blockchain project is active since 2009 and provides services for building gaming communities and products for the game developers. Enjin offers a suite of tools based on the web interface which enables the Ethereum digital assets in the form of ERC-1155 tokens. ENJ serves as the settlement token for the network which is similar to how ether backs the blockchain.
The cost to buy on ENJ token increased more than 1500% as Enjin posed an alternative to the ETH rising gas and trade transaction costs and issues. the massive increase came after a press release that is published in March which revealed that Enjin had plans to launch two updates on the network to boost the scalability and its interoperability.
At the same time, the updates proposed to remove the expensive gas on Ethereum altogether while providing support for the booming NFT industry. the first of the upgrades is named JumpNet that will be released soon. Enjin explained that the upgrade is a “private version of the Ethereum blockchain with a Proof of Authority method of consensus, enabling instant, secure and gasless on-chain transactions” with more plans to add nodes by partnering with trusted companies.
The JumpNet upgrade will likely lead to an Enjin network overhaul which is the second update dubbed as “efinity.” This update will introduce a multi-chain interoperability network for NFTs. EN was trading lower before the update all because it was trying to prevail corrective sentiment on the market. most of the alternative coins trade under Bitcoin’s influence. The BTC/USD exchange rate was down by 0.65% on Monday while ENJ/USD slipped 2.80 percent over the past 24 hours.
The lower levels provided more buying opportunities for the traders that will want to utilize the JumpNet news for the upside positions. The massive breakout prepares for ENJ as the coin tested an upwards sloping trendline as support which constitutes a bullish continuation triangle pattern. This Symmetrical Triangle pattern appears in an uptrend which tends to send the prices higher by as much as the maximum structure height. The height between the triangle upper and lower trendlines is set at $1.38 so a breakout move could send the pair higher to $3.81.
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