The ENJ coin price breaks above the long-coming falling wedge pattern resulting in an overnight trend reversal, aiming to break above the $2 mark. Co-founder of Enjin, Witek Radomski authored the code to create one of the very first Non-fungible Tokens (NFTs) in the world. He is the co-author of the ERC-1155 Ethereum token standard. Based on an on-chain platform and a blockchain infrastructure, the Enjin ecosystem allows businesses and game developers regardless of size to make use of tokenized digital assets in the course of their engagement, acquisition, retention, and strategies for monetization. The Enjin ecosystem is powered through Enjin Coin, an e-currency used to support the worth of blockchain-based assets. Let us move ahead to read about ENJ technical analysis. Past Performance of ENJ The ENJ coin price action makes a follow-through candle of the morning star pattern made slightly below the resistance trendline of the falling wedge. The morning star and the follow-through candles result in a price jump of over 15%. Thus, resulting in the breakout of the falling wedge pattern in the daily chart.  ENJ/USD Daily Chart ENJ Technical Analysis The ENJ coin price action breaks above the long-coming falling channel pattern in the daily chart. Therefore, traders can expect the post-breakout rally to break above the $2 psychological mark. The crucial Exponential Moving Averages (50 and 200-day) showcase a death cross in the daily chart as the EMAs maintain a falling trend. However, the price jump may shortly reverse the trend in EMAs.  The RSI indicator indicates that the slope is increasing over that 14 day-SMA as well as the centerline of the daily chart. The increase is after the bullish divergence that is seen within the band. So, a continuation in the bullish direction could be likely. The Stochastic RSI indicator shows the K and D line undermining the previous bearish crossover as the K line gives a bullish crossover with the D line. The lines remain in the overbought zone reflecting a boom in underlying bullishness.  In a nutshell, the technical indicators represent the bulls taking over the ENJ price trend with the falling wedge breakout. Therefore, traders can expect a pst-retest rally. Upcoming Trend The ENJ technical analysis shows the coin price action demonstrating a bullish breakout of the falling wedge pattern in the daily chart. However, the price is yet to retest the breakout, that is why a reversal in the upcoming days is possible.  Buyers at the current price can expect a target above the $2 mark, close to the $2.15 horizontal level. However, the bearish influence by the death cross can result in a retest prior to the bullish rally.

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The BTC price successfully continues the uptrend after the retest of the falling wedge breakout. The rally breaks above the $40K and aims to head higher.  The most distinctive benefit of Bitcoin comes because it was the first cryptocurrency to hit the market. It has been able to establish an international community and gave birth to a completely new business sector with millions of passionate users who invest, trade, and utilize Bitcoin and other cryptocurrencies in their daily lives. The first cryptocurrency has provided an idea and a technological foundation that later influenced the creation of a multitude of different projects. Let us move ahead to read about BTC technical analysis. Past Performance of BTC The BTC price action retests the bullish breakout of the falling broadening wedge pattern within a morning star pattern. The bullish reversal with the morning star resulted in a price jump of more than 11%. Moreover, the price breaks above the crucial $40K mark.  BTC/USD Daily Chart BTC Technical Analysis The BTC price shows a slight retracement to retest the bullish breakout of the $40K in the price chart. However, traders can shortly find the price giving a lower price rejection to continue the uptrend.  The crucial Exponential Moving Averages (50, 100, and 200-day) showcase a bearish alignment in the daily chart. The price jump aims to break above the 50-day EMA (red) to reinstate the uptrend.  The RSI indicator shows a sharp increase in the slope as it breaks above the 14-days SMA and the central line in the daily chart. Therefore, the indicator reflects a boom in the underlying bullishness.  The MACD indicator shows the MACD and signal lines rising higher towards the zero line after the bullish crossover. Moreover, the increasing trend of bullish histograms showcases a rising buying pressure.  In a nutshell, the technical indicators and the sudden increase in buying pressure reflect a potential uptrend that may reach the $45K mark shortly.  Upcoming Trend The BTC price action finds a sudden increase in demand after the retest of the falling wedge pattern and breaks above the $40K mark. This improves the overall market sentiment and increases greed among investors.  As per the Bitcoin price action, the crucial support levels are at $40K and $38K. And, on the upside, the rising uptrend can find opposition near the $45 and $48K.

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The ENJ coin price action reverses within the falling wedge with the formation of an evening star pattern. Will the reversal result in a bearish fallout? The Enjin blockchain ecosystem is designed to provide software that enables anyone to build and trade, monetize and sell using blockchain. Established in 2009, Enjin is a part of the gaming industry; its first product- a gaming community platform dubbed the Enjin Network that grew into 20 million customers in the span of more than a decade. Co-founder of Enjin, Witek Radomski wrote the source code that created one of the very first Non-Fungible Tokens (NFTs) in the world. He is the co-author of the ERC-1155 Ethereum token standard. Let us move ahead to read about ENJ technical analysis. Past Performance of ENJ The ENJ coin price fell by almost 10% in the past 24 hours reflecting a retracement within the falling wedge pattern in the daily chart. The retracement comes with an evening star pattern near the resistance trendline. The price retraces to the $1.5 support level, that may push the price higher to avoid the lower low formation.  ENJ/USD Daily Chart ENJ Technical Analysis The ENJ coin price continues to make lower high formation within the falling wedge pattern reflecting trapped bullish momentum. Therefore, the breakout of the resistance trendline may result in a dramatic bullish recovery and reach greater heights.  The crucial Exponential Moving averages showcase a death cross, a bearish crossover between 50 and 200-day EMA in the daily chart. Hence, the EMAs reflect a rise in bearish attention for the coin. The RSI indicator shows the slope failing to rise above the central line in the daily chart. The slope retraces to the 14-day SMA and can shortly give a bearish crossover reflecting a bearish takeover.  The Stochastic RSI indicator shows a bearish crossover of K and D line in the overbought zone reflecting the end of a bullish cycle. Hence, the indicator suggests a possible retracement in the ENJ coin price. In a nutshell, the technical indicators showcase the failure of bulls to sustain the trend resulting in a bearish takeover. The takeover can drive the prices lower to $1.5. Upcoming Trend The upcoming trend in the ENJ coin price has a bearish influence but the trend may struggle to sustain as the price action bottles up within the wedge. Hence, a reversal from $1.5 is possible. The reversal from $1.5 can find resistance near the resistance trendline and the $2 psychological mark. In the case of a $1.5 fallout, the support trendline and the $1.15 support level can reverse the falling prices. 

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In a tweet made minutes before the time of writing this article, legendary trader Peter Brandt took a dig at crypto bulls who until March last year were predicting an all-time high for Bitcoin in November. The tweet came less than a week after Bitcoin hit $33,000, resulting in massive losses for investors. In the same tweet, Peter Brandt also suggested that maybe it was the right time to buy BTC.   I find it fascinating that many (not all) on social media who wore laser eyes in Mar/Apr and predicted a rocket shot 🚀for $BTC in Nov now are predicting that the $30k level will be violated When bulls wear laser eyes — time to SELL When bulls become bears — time to BUY???? pic.twitter.com/ytchaFLDfN — Peter Brandt (@PeterLBrandt) January 30, 2022 Peter Brandt Seems to Think Now’s the Ideal Time to Buy BTC In a tweet that basically poked fun at “crypto pundits” who until last year were anticipating Bitcoin’s price to skyrocket in November, Brandt said that he found it quite funny that the same experts are now feeling that Bitcoin’s price may go below $30,000. In response to these speculations that Brandt thought were quite alienated from reality, he suggested that maybe it’s time to buy BTC. Bitcoin’s Price Is Undergoing A Slump Bitcoin’s price has been going through a constant slump since the start of this year. The year started with Bitcoin firmly placed at $47,000. But as the month progressed, Bitcoin’s price consistently slashed until it hit $33,000 last week. This resulted in the world’s five wealthiest tech magnates collectively losing almost $85 billion in the first few weeks of 2022, with the week’s market sell-off wreaking havoc on their fortunes. While Tesla CEO Elon Musk lost $27 billion, Amazon founder Jeff Bezos went down by $25 billion. Also, Binance founder Changpeng Zhao saw his crypto fortunes plummet by a staggering $17.7 billion.

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Basketball player LeBron James is the latest celebrity to join Crypto.com‘s high-profile marketing campaign, which already includes actor Matt Damon and the naming rights to a Los Angeles sports facility. The LeBron James Family Foundation (LJF) and Crypto.com announced a multi-year agreement on Friday to support Web3-related ‘educational and professional development initiatives’ that help students and families create a ‘solid foundation in Web3 and…blockchain-based decentralized applications.’ Web3 (or Web 3.0) refers to what some see as a more egalitarian and fair internet. Its proponents argue that it is decentralized, providing consumers more control. The relationship with James is part of Crypto.com’s huge marketing push in recent months, which has enlisted the help of Hollywood luminaries and cost the company more than $1 billion. The Singapore and Hong Kong-based exchange secured a $700 million contract in November to have its name emblazoned on the former Staples Center, which is now home to the NBA’s Los Angeles Lakers (James’ franchise) and Clippers. The company earns a share of crowd transactions at the venue as part of the arena naming rights contract, and even more if the transactions are conducted using Crypto.com’s app. In October, Crypto.com debuted television advertising showing Damon, a corporate investor who has since become the brand’s face. The Damon-led series of ads, which will also include NBA player Carmelo Anthony, mixed martial artist Ronda Rousey, and South Korean rapper Lee Chae-rin, nicknamed CL, cost $100 million to develop. Crypto.com declined to comment on whether James would feature in a commercial as part of the new collaboration. According to Bloomberg, the corporation has also invested another $400 million in other sports sponsorship deals, including with the Ultimate Fighting Championship (UFC), Formula 1 motor racing, and elite ice hockey, football, and soccer clubs. In December, Crypto.com CEO Kris Marszalek told Fortune that the platform’s goal is to become the next ‘killer app…like Instagram, but for the crypto world.’ He indicated at the time that the company was profitable on $500 million in revenue during the April to June 2021 quarter. Crypto.com had 10 million users a year ago, but according to a representative, that figure has increased dramatically since then. Hackers stole almost $30 million in cryptocurrency from 483 Crypto.com customer accounts earlier this month; the business later refunded those users. Celebrities are increasingly being used by crypto firms, metaverse platforms, and digital asset efforts, such as non-fungible token (NFT) projects, to generate attention. NBA player Steph Curry, for example, just debuted a digital shoe NFT collection and owns an NFT from the Bored Ape Yacht Club, a popular NFT collection featuring bored-looking digital apes in various colors and clothes. Meanwhile, Paris Hilton, a reality TV celebrity, and DJ Steve Aoki just performed in the metaverse. In the Sandbox, one of the most popular metaverse platforms, Warner Music is constructing a concert-themed theme park. Celebrities promoting cryptocurrency and other hot internet-based enterprises, on the other hand, have been chastised. Investors filed a complaint in early January, saying that celebrity marketers of the crypto asset EthereumMax misled them through fraudulent and deceptive social media posts. The complaint names reality celebrity and influencer Kim Kardashian as well as boxer Floyd Mayweather. Skeptics also worry about a coming ‘crypto winter,’ which refers to a significant decrease in cryptocurrency prices followed by months of decline. Bitcoin and Ethereum, the two most prominent cryptocurrencies, have lost over 40 percent of their value since November.

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After the Monetary Authority of Singapore (MAS) outlawed cash-to-crypto terminals as part of a broader crackdown on advertising cryptocurrencies to the public, Singapore’s top operators of crypto ATMs were compelled to shut down their cash machines on Tuesday. Singapore’s ban follows similar advertising limits enacted in Spain and the United Kingdom. This came as a shock to the people, as the country is known as one of the most active nations when it comes to cryptocurrencies. Singapore was named the world’s most crypto-friendly economy by fintech firm Coincub in December, citing the city’s “good legislative environment and high rate of cryptocurrency acceptance.” However, the legislative climate in the city-state now appears to be less favorable. Authorities Justify it by Saying People Should Consider the Risks First The Singapore Monetary Authority announced new instructions on the “supply of digital payment token [DPT] services to the public” last Monday, stating that crypto operators “shall not promote their DPT services to the general public.” ATMs, which let people convert cash into Bitcoin, Ether, and other digital currencies, were singled out by the MAS. The central bank warned that the simplicity of cash-to-crypto machines could drive people to acquire Bitcoin and other virtual currencies “on the spur of the moment, without thinking about the risks.” “The public should not be encouraged to engage in the trading of digital payment tokens,” MAS stated, adding that it has consistently cautioned the public that the trading of digital payment tokens is highly dangerous and not suited for the general public.

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A group of Wikipedia editors has voted against categorizing non-fungible tokens (NFTs) as a form of art-at least for now. A debate started on the platform last month on ‘the most expensive art sales by living artists’ and whether NFT art sales should be deemed as ‘art sales’ or ‘NFT sales.’ The discussion involved whether an NFT represented the art or was just a token that was separate from the underlying art. “Wikipedia really can’t be in the business of deciding what counts as art or not, which is why putting NFTs, art or not, in their own list makes things a lot simpler. NFTs have their own list, which should be linked in the article, and entries generally shouldn’t be listed in both,” editor “jonas” wrote. Out of the six editors, five voted against classifying NFTs as art. For the time being, the discussion has been shelved until a later date. Since anybody can write on Wikipedia, perhaps members of the NFT community could contribute to the classification debate. According to Wikipedia’s guidelines, neither unanimity nor a vote is required to form a consensus. Instead, the group must confirm that the participating editor’s legitimate concerns fall within the platform’s policies. Meanwhile, the lone editor who voted otherwise pointed out that even large publications, including the New York Times, had referred to Beeple as the ‘third-highest selling artist alive’ following his record-breaking NFT sale. In fact, Griffin Cock Foster, the co-founder of NFT marketplace Nifty Gateway took to Twitter to say: “Wikipedia is a global source of truth. Having NFTs categorized as ‘not art’ would be a disaster!” 🚨 Art Emergency!! 🚨 There is a debate happening rn on @Wikipedia that has the potential to * officially categorize NFTs as ‘not art’ on all of Wikipedia. * Wikipedia is a global source of truth. Having NFTs categorized as ‘not art’ would be a disaster! 🧵: — Duncan Cock Foster (@DCCockFoster) January 12, 2022 Responding to Griffin, Everipedia, a decentralized equivalent of Wikipedia stated that it’s time to move towards decentralized alternatives which supports art and innovation: “Everipedia editors have created over 100 pages on #NFT collections while Wikipedia is moving to mark NFTs as ‘not art’ across their platform. It’s time for NFT projects to move to Everipedia $IQ, a Web 3.0 encyclopedia which supports art and innovation.” Everipedia editors have created over 100 pages on #NFT collections while Wikipedia is moving to mark NFTs as "not art" across their platform. It's time for NFT projects to move to Everipedia $IQ, a Web 3.0 encyclopedia which supports art and innovation.https://t.co/tL5beVDCN9 https://t.co/SsNFoQmyBd — Everipedia (@Everipedia) January 12, 2022

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DeFi Alliance, a crypto-focused startup-accelerator is evolving into a decentralized autonomous organization (DAO) focused on Web3 projects following a $50 million raise. According to an official announcement on Thursday, DeFi Alliance rebranded itself ‘AllianceDAO’ with support from over 300 backers from top crypto leaders such as Gemini co-founders Cameron and Tyler Winklevoss, OxMaki from Sushi’s founding team, Crypto.com co-founder Bobby Bao, OpenSea CEO Devin Finzer, Terra founder Do Kwon, and Libra co-creator Morgan Beller. The reason for the rebrand includes growing the Web3 ecosystem to over one billion users. The DAO also intends to provide governance, recruiting, liquidity, marketing, advisory, or other potential startup support services in the near future. Commenting on the development, Dane Lund, the DAO‘s head architect, said: “We will be building the infrastructure for an ecosystem that encourages the best Web3 founders to receive accelerator services and then remain as mentors to later founders. We also aim to attract other DAO Contributors (builders, subject matter experts, and service providers) to join to provide support for Web3 founders.” “By creating a DAO, we are able to distribute the work of supporting founders even further and permit contributors to have a more direct stake in the outcome of their efforts, which incentivizes high-quality contribution,” Lund said. Initially launched in April 2020 as the Chicago DeFi Alliance, the organization has included in its accelerator program 0x, dYdX, Kyber Network, IDEX, Olympus DAO, Sushiswap, and Synthetix. In the coming months, Alliance DAO will release documentation to explain how the DAO will operate, its governance structure, and its services.

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Because several bitcoin ETF applications were declined before 2021, a big segment of the cryptocurrency community has been anticipating the introduction of the first bitcoin exchange-traded fund (ETF) for years. The Slump in Bitcoin Futures ETFs Continues Finally, after the first US bitcoin futures, ETF was approved, Proshare’s bitcoin futures ETF debuted with a bang, grabbing about $1 billion in total volume in its first 24 hours. Months later, on January 13, 2022, the Proshares Bitcoin Strategy ETF (BITO) is trading for $26.96, down 39.12 percent from its November 10, 2021 peak of 44.29.   In mid-November, Bloomberg contributor Katherine Greifeld stated that the ‘bitcoin futures ETF mania is receding.’ “While the Proshares fund swallowed $1.1 billion in two days – the fastest an ETF has ever done so,” Greifeld noted at the time. The financial author went on to examine the Vaneck ETF, pointing out that the fund’s lower management fees could set it apart from the competition. At the time, Greifeld quoted Bloomberg Intelligence senior ETF analyst, Eric Balchunas, who said: “There’s definitely a lull going on right now relative to the launch mania and so Vaneck has their work cut out for them in trying to get people excited again.” Valkyrie’s BTF is Down 37%, Vaneck’s XBTF is Down 27%, and the Total Open Interest in Bitcoin Futures Across Cryptocurrency Exchanges is Down More Than 38% The Valkyrie Bitcoin Strategy ETF (BTF) experienced the same thing when it hit an all-time high (ATH) of $26.67 per share on November 9, 2021, and now trades at $16.70 per unit, down 37.38 percent from the ATH. The Vaneck Bitcoin Strategy ETF (XBTF) is down only 27.70 percent from its peak of $58.08 per unit on November 19, 2021, to its current price of 41.99 per unit. Despite the fact that Proshares and Valkyrie ETFs were launched before Vaneck, they all show a significant correlation with the spot price of bitcoin and the crypto asset’s futures markets. Open interest in futures markets has decreased since mid-November, as has total bitcoin futures open interest across cryptocurrency exchanges. The largest open interest in bitcoin futures was approximately $28 billion on November 11, 2021. The total open interest on most major derivatives markets is currently $17.22 billion. That’s a 38.50 percent drop in the last two months, and the pattern looks a lot like bitcoin’s spot market price behavior.

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WazirX CEO and founder Nischal Shetty in his most recent tweet shared that most ‘intellectual’ figures angry at crypto are angry because common people/anons are making money. If crypto/NFT/web3 was an innovation with no financial component then all these people including web2 enthusiasts would have applauded. Money seems to be ‘their’ domain. Most ‘intellectual’ figures angry at Crypto are angry because common people/anons are making money If Crypto/NFT/Web3 was an innovation with no financial component then all these people including Web2 enthusiasts would have applauded Money seems to be ‘their’ domain#BUIDL 🚀 — Nischal (WazirX) ⚡️ (@NischalShetty) January 14, 2022

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According to the source code for Tesla’s website, the company will be testing a new payment option for dogecoin, The Block Crypto revealed Thursday, and it’s official now. A few days ago, the DOGE payment option was enabled for testing. The source code proved the corporation was ‘absolutely’ evaluating the option, according to a software expert who goes by the moniker ‘Tree of Alpha.’ Tree of Alpha wrote that the code was “already present in the latest Javascript files Tesla uses for processing payments, but the part about dogecoin is forced to return null no matter what happens, thus never showing (basically a way to test code in production).” BREAKING NEWS: Tesla now accepts #Dogecoin as payment. — The Moon (@TheMoonCarl) January 14, 2022 As a result, the DOGE payment option is a kind of hidden feature that most people are unaware of. Musk has previously stated that the business intends to ‘see how it goes’ with DOGE payments. Musk has made no secret of his love for crypto and DOGE, having invested in the meme-themed cryptocurrency as well as other cryptocurrencies such as bitcoin and ether. Additionally, Tesla began accepting bitcoin for car payments in March 2021 but only lasted a few months before ceasing to do so in May. That was credited to the environmental impact of crypto, with Tesla saying it was “concerned about the rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.” The Dogecoin Foundation, which was founded to help Musk reach his aim of ‘placing cryptocurrencies on the moon,’ wants people to take the meme-based coin more seriously, according to PYMNTS. The project currently has a board of directors and advisors, as well as a ‘Trailmap’ that lays out a plan to help revamp the website and eventually create a decentralized point-of-sale system that will allow it to be used as a currency.  “The Manifesto was our attempt at capturing everything the community wanted from the dogecoin project: a ‘currency of the people, for the people and by the people’, something humanity could really use to buy a coffee or pay the rent,” the project said.

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Major US Bank, Bank of America (BoA) compared Solana blockchain to the world’s largest credit card network, Visa. In a research note published Tuesday, BoA research analyst, Alkesh Shah expressed optimism for the top smart contract platform over its ‘scalability, low transaction fees, and ease of use,’ going ahead to add: “Solana could become the Visa of the digital asset ecosystem.” Shah believes Solana even has the potential to take over Ethereum by distinguishing itself through ‘user adoption and developer interest.’ Ethereum, meanwhile, could become the blockchain for ‘high-value transactions and identity, storage and supply chain use cases,’ while Solana grows itself as a settlement layer. Since its launch in 2020, Solana has settled over 50 billion transactions, has more than $11 billion in total value locked, and has been used to mint over 5 million non-fungible tokens (NFTs). Visa, on the other hand, processed 164.7 billion transactions on Sept. 30, 2021. When comparing the transactions per second (TPS) on blockchain networks to those performed on credit card networks, Visa can theoretically handle at least 24,000 TPS but averages around 1,700 while the TPS for Ethereum stands at 15. In comparison, Solana overtakes both Ethereum and Visa with a theoretical limit of 65,000 TPS. Bank of America further stated that Solana and other alternative blockchains could even grab the market share from Ethereum over time. Currently, Ethereum has a market cap of $402 billion, which is more than eight times greater than Solana’s market cap. According to CoinMarketCap, SOL is currently the fifth-largest cryptocurrency with a market capitalization of $47 billion.

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