Enjin Coin SurgeD By 60% After Microsoft Partnership

Enjin coin surged after the world-famous technology company Microsoft and the coin platform have teamed up to make the project named Azure Heroes, a project that gives prizes to contributors to the community for posting content, creating demos, building sample code, and blogging about Azure as we are reading further in the altcoin news today.

There is nomination for creators after which they receive a collectible “digital badger”, a digital badge that relates to the field to which they have given their contributions. These digital badgers have a very limited supply and cover certain categories like Content Hero, Mentor, and Maker.

The badger heroes have been tokenized as assets on the Ethereum blockchain, and because of that, we can be certain that they are in limited supply. Every season the Microsoft & Enjin partnership will release a new set of badgers that will also be of limited supply. The ones that will be lucky enough to be selected to become an Azure Hero will scan their QR code, and the non-fungible token (NFT), the badger will be immediately transmitted into their own for their benefit.

This statement was the reason why the Enjin coin surged by a significant 60%. Analyzing the hourly charts, Enjin grew significantly over the previous two days, growing by a total of 60%. This provoked it to smash the resistance at 1000 SAT, which is reinforced 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. If the buyers continue in this manner, to force the market higher, we can anticipate abrupt resistance to be located at 1604 SAT and 1740 SAT. Beyond this, resistance is at the 1825 SAT (1.618 Fibonacci Extension level).

Otherwise, if the sellers make a step back in and force the market lower, we can anticipate support at 1200SAT. Below this, support is located at 1000 SAT (200-days EMA), 900 SAT, and 800 SAT (100-days EMA). The RSI is advancing toward extreme overbought conditions, which can be a sign that the market could be overextended, which cannot pose a surprise when we will take into consideration the parabolic move.