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Monday, September 20, 2021

Can Enjin Coin (ENJ) sustain its upward trajectory? Things you should know

What has been happening?

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Ever since its launch in 2019, Enjin Coin (ENJ) had stayed under $0.24. Enjin Coin had tried to break the resistance levels; however, chances of doing so seemed bleak as the coin fell after each failed try. Enjin Coin breaking the $1 mark seemed like a dream come true for Enjin investors, but not anymore. In the recent bull run of 2021, Enjin Coin broke all records and proved itself to be a cryptocurrency worth taking note of.

Daily price overview

The daily price movements of the cryptocurrency had shown majorly upward fluctuations. In the daily timeframe, the price started from a 24-hour low of $0.87 but quickly reversed its trajectory and went as high as $1.41. With a market capitalization of 1.104 billion, the coin achieved an increase of 12.17% in the daily price.

Enjin Coin achieved phenomenal growth in the bull run and is currently on a steep upward trajectory. At the time of writing, Enjin Coin is priced at $1.27. The market sentiment of the coin is bullish, indicating a furtherance of the upward trend of the coin. Of the total technical indicators, the oscillators mainly stand at neutral while a majority of the Moving Averages are giving out a buy signal.

Daily technical analysis

Trader FX Professor has lauded the performance of the coin and regards ENJ as one of the most popular NFT. The trader is expecting corrections from the coin soon – as is the market norm. after the high of established by the coin, market sentiment is expected to shift and growth is to be reversed. However, per the trader, the market corrections are not to last for too long and the coin is expected to once again resume on its upward trend.

Recent developments

1.Bitcoin’s performance

One of the major developments behind cryptocurrencies price’s rise is the performance of Bitcoin. Most of the cryptocurrencies have a high positive correlation with Bitcoin and the king of the market tends to drive up the coins with itself. Bitcoin’s phenomenal growth

2. Whitelisting in Japan

Japan has very strict regulations when it comes to cryptocurrencies. The country pays a close watch on anything that could hinder its hegemony. Cryptocurrencies have had a hard time getting through regulations of Japan because of the strict control it likes to maintain. However, Enjin Coin achieved a breakthrough when it received the approval from the regulatory body in Japan. It is the first gaming cryptocurrency to have achieved the approval of Japan Virtual Currency Exchange Association.

3. Partnerships

Enjin Coin has entered into a strategic partnership with Microsoft that can result in increased adoption of the cryptocurrency. Microsoft has created a new game through which users can earn rewards in NFTs while using in the popular game, Minecraft. The game, Azure Space Mystery, was launched on Day of Women and Girls in Science and rewards players when they are able to guess popular females in STEM fields.

The organization secured another key strategic partnership with LABS Group to tokenize the real estate market. LABS Group focuses on investments in real estate and plans to bring the real estate assets to the ENJ blockchain through fractionalistion.

What is Enjin Coin?

Enjin Coin is a Non-fungible token (NFT) used mainly in the gaming or entertainment industry. The coin was built on the network of Ethereum and, hence, acts as a cryptocurrency while supporting smart contracts.

The organization if the coin, Enjin, is the largest gaming network in the market and had been launched in 2009. The advisory team also consists of key executives of the Ethereum network and the coin, itself, has been names “the Ethereum of gaming”. With the rise in the decentralized Apps, Enjin Coin is believed to carry a whole lot of potential and the recent growth of the coin is a testament to that.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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