The 65th most popular cryptocurrency in the world gets punched in the face. ENJ token drops in price despite big NFT evolutions in the Enjin Coin ecosystem.
Despite some positive developments in the Enjin Coin ecosystem, the price of ENJ has dropped in the last few weeks. Trading at $2.36, the ENJ token is about 52% below the highest level in 2021. It has a market capitalization of over $2.19 billion, making it the 65th biggest cryptocurrency in the world.
Enjin is one of the leading platforms in the non-fungible tokens (NFT) world. The Polkadot-built project helps developers build and distribute their NFTs.
Enjin made some important announcements this week:
First, it announced that it will launch its headquarters in the Bloktopia metaverse. In this HQ, the developers will showcase their NFTs and other products. This announcement came a few months after Enjin launched a $100 million metaverse fund in the United States. The fund will be used to support developers in the ecosystem.
Second, Efinity, its scalable cross-chain infrastructure platform, won the sixth and last parachain auction. It managed to raise about $214 million in Polkadot. This means that it will now be onboarded to the ecosystem in March 2022.
Enjin Coin price prediction
ENJ has seen a bearish trend in the past few weeks. The coin has fallen by 52% from its highest level in 2021. Along the way, it has moved below the 25-day and 50-day moving averages. It is also slightly above the key support level at $2.15, which was the lowest level in December. The MACD has also moved below the neutral level.
Therefore, since it has formed a head and shoulders pattern, the coin is likely to have a bearish breakout, with the next key support being at $1.57, which is about 50% below the current level.
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