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- ENJ has seen a decline in correlation with Ethereum. Meanwhile, the total users of Enjin have seen prolonged growth.
- Technical indicators of ENJ suggest a weak upside trend in price. It is down by 0.1% in the ETH pair.
Enjin is a company that gives an ecosystem of interconnected blockchain gaming. Enjin coin is an ERC-20 token used in the gaming ecosystem for trade. Enjin was first announced in 2017 and launched on Ethereum’s main net in 2018. It is a utility token for NFT, and many assets are backed by it. The NFTs minted on Enjin are infused with ENJ coin, which owners can melt their NFT any time to get their ENJ. It provides trust and utility for the NFT.
The perceived value of NFTs correlated with ENJ backing makes it an adequate gold standard. There are over 29883842 assets on the Enjin blockchain. The number of daily new accounts has declined on the blockchain and reached 146, as per Dune analytics. As per research by Grand View, research NFT market will grow to $212 Billion by 2030. If Enjin could capture a sufficient share, then its market cap would rise to a new high.
Enjin has a market cap of $413 Million and is ranked 97th in the CMC. The volume of ENJ has seen a decline of 27% in the past 24 hours.
Where Is ENJ Heading For?
The Weekly Technical Chart of ENJ suggests a consolidated trend. It has recently formed a strong bearish candle on the daily chart. It is trading near $0.415, dropping 0.8% in the intraday session. ENJ’s correlation with ETH has also seen a decline. It has reached a high of 0.96 to 0.5. The upside momentum of asset prices can see a halt near $0.45.Meanwhile, in a downside trend, a bounce back can be seen from $0.35. It is trading above the 100 and below the 50 Daily Moving Average.
The RSI of ENJ is near 48, suggesting its presence in the neutral zone. There is a strong downside trend in price, hinting towards a weak bearish trend.
Summary
Enjin has observed a decrease in the correlation with Ethereum. ENJ has made a strong bearish candle but can move to a new high in the future.
Technical Levels
Major Support:$0.35
Major Resistance:$0.5
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
