- Enjin Coin has jumped sharply in the past few weeks.
- ENJ has surged by over 78% from the lowest point in 2022.
- It has gotten severely overbought on the daily chart.
Enjin coin has staged a strong comeback as the crypto rally gains steam. ENJ has risen in the past 10 straight days and is trading at the highest point since November 8. It has jumped by more than 78% from the lowest point in 2022, giving it a market cap of over $412 million. Other top coins that are regaining their momentum are Casper, Hedera Hashgraph, and EthereumPoW.
Enjin wallet upgrade
Enjin is a blockchain project that is in the non-fungible tokens (NFT) and metaverse space. The developers created an ecosystem that lets people do everything they need in the NFT industry. One can mint NFTs, trade them, and store them in their NFT wallets.
Enjin is best-known for its Efinity project, which is an NFT platform built on Polkadot’s ecosystem. It was one of the few parachai winners in 2022. Efinity provides the infrastructure for decentralised cross-chain metaverse. Some of its key features are cross-chain bridge, fuel tanks, incentives, and price discovery.
ENJ price has recovered in 2023 for two main reasons. First, the developers announvced the launch of Enjin wallet 2.0 for iOS and Android. They also introduced better beam support and lots of updates for the Enjin platform.
Find out how to buy ENJ.
Second, Enjin price is rising as NFT sales bounce back. On Tuesday, I wrote that NFT sales in Solana have surged to the highest point in a few months. The same is true across other chains like Ethereum, Flow, and Flow. Strong NFT sales are positive for Enjin. Further, like I wrote on Sandbox, most metaverse tokens have surged.
Further, ENJ price has risen because of the falling US dollar and as hopes of a Fed pivot rise. Data published last week showed that the country’s inflation has been ticking lower. And on Wednesday, numbers revealed that wholesale prices crashed in December. Therefore, investors believe that the Fed will pause or even pause rate hikes this year.
Enjin price prediction
The daily chart shows that the ENJ price has been in a strong bullish trend in the past few days. It rose to a high of $0.43, the highest point since November 8. The coin’s 50-day and 25-day moving averages have made a bullish crossover while the Relative Strength Index (RSI) has moved to the extreme overbought level of 88.
Therefore, while the trend remains bullish, we can’t rule out a situation where the coin retreats slightly as some investors start taking profit. If this happens, the key level to watch will be at $0.350.
