Enjin was launched in 2009 in Singapore and rapidly grew to become the most important gaming group creation platform. Its recognition led to the start of ENJ, a cryptocurrency and good contract meant to create belief and safety locally with minimal transaction charges.
Enjin lets customers create NFTs with out coding. Furthermore, customers can receives a commission when different customers commerce digital property through the Enjin market.
ENJ has a market capitalization of over $450 million and a circulating provide of 1 billion. The beginning of 2023 noticed the ENJ coin gaining near 100% towards the US greenback, with about 16% right now solely.
So is it protected to purchase ENJ right here?
ENJUSD chart by TradingView
Did the crypto winter finish in 2022?
The cryptocurrency market suffered from a string of unhealthy information in 2022. First, it was Bitcoin that led the way in which decrease, because the main cryptocurrency plunged from over $60k to beneath $20k.
Bitcoin lovers have argued for fast cryptocurrency adoption by institutional buyers for a few years. Lastly, the adoption got here, however with it, Bitcoin grew to become correlated with the common markets.
In different phrases, Bitcoin was hit onerous in 2022 by a powerful US greenback. Additionally, it primarily moved on elementary information affecting the general market, such because the US inflation or adjustments within the Federal Reserve coverage.
As such, speculators within the crypto trade rapidly turned their consideration to different cash. However Bitcoin’s significance does matter for the general trade.
Subsequently, when Bitcoin jumped over $21k at first of 2022, it triggered the same transfer on a lot of the crypto market.
ENJ is one which adopted go well with. It gained nearly 100% in 2023 after forming a falling wedge sample on the finish of final 12 months.
So is it honest to imagine that the crypto winter of 2022 is over?
At this level, ENJ checks resistance at an space that offered assist up to now. If Bitcoin’s rally isn’t over, then one shouldn’t be shocked to see ENJ pushing above resistance.