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- 1 The price of Enjin Coin (ENJ) is trading at the price of $0.311587. However, the crypto’s price declined by -1.33% in the last 24 hours (press time).
- 2 ENJ price observed an increase of 2.94% in the last 7 days.
- 3 The market capitalization of Enjin Coin is $311,986,526.
Enjin Coin is a cryptocurrency that allows gaming communities, content creators, and game developers to create and trade digital assets with real-world value on the Ethereum blockchain. Enjin Coin is also an ERC-20 token that backs the value of non-fungible tokens (NFTs) created within the Enjin ecosystem. Enjin Coin is made to enable the creation and management of virtual goods on the blockchain.
The coin has a max supply of 1,000,000,000 ENJ and a circulating supply of 1,000,000,000 ENJ. Its market cap is $316,664,216. It reached a 52-week high of $4.8470 and a 52-week low of $0.01562. On July 19, 2023, it closed at $0.3167, rising 1.17% from the day before.
Users can create and trade NFTs representing gaming items, digital art, collectibles, and more with Enjin Coin. Users can also create and manage virtual goods on the blockchain without coding or intermediaries. Users can create currencies for gaming platforms or communities backed by Enjin Coin. Users can use software development kits (SDKs) to integrate blockchain-based features into games and platforms. Enjin Coin is one of the first projects to test the Raiden Network, a scaling solution for Ethereum that aims to lower fees and increase speed.
Enjin Coin Price Technical Analysis
EMA: ENJ price is trapped between 50 and 200 MAs with a bearish crossover that indicates the dominance of sellers in the market. ENJ could face more drops and enter a downtrend if sellers keep pushing the market lower.
The RSI line is heading toward the overbought area. The RSI line is at 53.98. The 14 SMA has a value of 52.50 points. However, ENJ’s price could rise significantly if it breaks out of this resistance.
Currently, MACD is indicating bullish signals. The MACD line at 0.00490745 and signal line at 0.00381290 are above the zero line.
Volume Analysis:
Enjin Coin’s trading volume for the last 24 hours is $17,194,754, with a -47.70% drop. Moreover, the volume has been dropping for a prolonged time.
Conclusion
Enjin Coin (ENJ) faces a downward pattern with two barriers: a 200-day EMA and a trendline. The price movement indicates that the investors must wait for a clear setup for the next direction. ENJ’s price is in a neutral zone right now. Also, indicators like the MACD, RSI, and EMA show bullish signs for Enjin Coin. The current situation requires traders and investors to be cautious and watch for a definite break above or below the range before taking any actions in the future.
Technical Levels:
- Support – The current support level is $0.282997.
- Resistance –The current resistance level is $0.34430
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
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.
