- Enjin coin price has been in a freefall in 2023.
- The token has crashed by more than 63% from its highest point this year.
- There are concerns about the NFT industry and its slowdown.
The Enjin coin remained under pressure on Friday after the developers made a big announcement about the ecosystem. ENJ token was trading at $0.210, the lowest level this year. It has crashed by more than 63% from its highest level this year.
Latest Enjin and NFT. io news
Enjin is one of the leading players in the blockchain industry. The network is involved in the non-fungible token (NFT) industry, where it provides all the tools that developers need to build their products.
In a statement on Friday, the developers announced that the Enjin Platform and NFT.io were live on the canary test network.
This means that developers now have all the tools they need to start building on the platform. They can integrate the NFT marketplace into their games, create and test Enjin Beam codes, and mint NFTs and integrate them into their proof of concepts.
This is a major milestone for Enjin and its developers as they seek to become leading players in the industry.
Read more: How to buy Enjin token.
Still, Enjin faces a major challenge in that the NFT and blockchain gaming industries are struggling. The volume of NFTs traded has crashed hard. This includes popular NFTs like Bored Ape Yacht Club (BAYC) whose floor prices have dived.
The same is true with the blockchain gaming industry. As I wrote on Thursday, Axie Infinity’s ecosystem has retreated, with only a few thousand of users every month. The same is true with other platforms like Sandbox and Decentraland.
Enjin price forecast
The daily chart shows that the ENJ crypto price has been in a steep sell-off in the past few months. It has dropped from $0.75 in September last year to $0.228. It also continued falling after the launch of the Enjin Blockchain.
Most recently, Enjin crossed the important support level at $0.229, the lowest level in December last year and June this year.
Enjin remains below the 50-day and 100-day exponential moving averages (EMA) and the descending trendline shown in green. Therefore, the outlook for Enjin is still bearish, with the next level to watch being at $0.20.
