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- 1 ENJ volume has seen a surge of more than 700% in volume which pushed the price by 13%
- 2 ENJ bears are currently pushing the price down to a new low.ENJ has seen a drop of 1% in the intraday session.
Enjin provides an ecosystem of interconnected blockchain-based gaming products. They allow developers to tokenize the in-house gaming items on the Ethereum blockchain. ENJ token is typically used for incentivizing the stakeholders or transactions between gamers and developers.Enjin platform is designed in such a way that it can process a large number of transactions and is highly scalable. ENJ has more than 2.3M wallets installed and has created over 1.2B assets. Enjin’s monthly new accounts have been declining as per the data provided by Dune Analytics. The transaction count of ENJ has remained constant with an average of 550 daily.ENJ has over 169,441 holders with a supply of 1 Billion tokens. Enjin has seen a spike of over 700% in the volume on APR 7 2023. The spike in volume could be caused by the tweet ENJ posted on its official Twitter handle.
ENJ has a market cap of $429,438,060 and is ranked 93rd in the crypto-verse. The volume of the asset price has seen a decline of 44% in the intraday session. The ROI of ENJ is 1669% which has benefitted many people.
Have ENJ Bulls Given Up?
The weekly technical chart of ENJ hints towards a weak consolidation in price. Enjin’s price is down by more than 91% from its all-time high. On the daily chart, it is trading near the value of $0.43 with a slight drop in the past 24 hours. ENJ is trading just above the 50 and 100 Daily Moving Averages. If it observes a negative crossover then a strong bearish momentum can be seen. The asset price is forming long bearish candles hinting toward selling pressure. Resistance of ENJ can be seen near the value of $0.5.Meanwhile in the downside trend bounceback can be seen from $0.35.
MACD of ENJ hints towards a weak upside momentum in price. Bars of MACD also hint towards a consolidated trend in price.
Summary
ENJ has recently seen a 700% spike in volume which pushed the price a little.ENJ price is currently near the crucial level and may see a reversal in trend in future.
Technical Levels
Major Support:$0.35
Major Resistance:$0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
