While assets in the crypto market are experiencing minor corrections, Enjin, which has increased by more than 23% in the last 24 hours, attracted attention. Today, we will examine topics such as what is Enjin, why it is rising, and whether it will continue to rise.
Enjin Price Rises 20%
Enjin coin also made a strong comeback as the rally in the crypto money market gained strength in 2023. The asset, which has seen successive rises in the last 10 days, is trading at the highest level since November 8th. Enjin, which has increased by 72.5% since January 1, continues to trade at 45 cents at this time.
What is Enjin?
Enjin is a startup with a gamer community called Inj in network, founded in 2009. Launched in 2017, Enjin coin is a digital currency used in games and gaming platforms and the project’s native crypto asset. Enjin is also known for the Efinity project, an NFT platform built on Polkadot’s ecosystem. Efinity is a project that provides infrastructure for decentralized cross-chain metadata storage.
Why Did Enjin Rise?
First of all, there are two different reasons for the rise in the price of the asset. One of them was when the developers announced the release of Enjin Wallet 2.0 for IOS and Android. The second reason was the increased sales of Enjin NFTs. As NFT sales on the Enjin ecosystem increased, the price of Enjin naturally began to increase.
However, data released last week showed that inflation in the US is slowly falling, so investors think the FED will pause or even stop interest rate hikes this year. Thus, investments in crypto assets also gained momentum.
Will Enjin Continue to Ascend?
Enjin price managed to break above the 40 cent resistance with an increase of more than 20% that it experienced earlier today. While Enjin has been on the rise, other crypto assets have experienced price corrections and minor pullbacks. If Enjin closes the daily candle below the 40 cent resistance, Enjin price will likely witness a minor pullback as well. This potential correction could lower the price by 17.5% and the 35 cent support could be revisited. If the asset regains its bullish momentum from this support, it will continue to maintain its uptrend. While the resistance level to be followed for the asset is around 49 cents, the support levels are in the 32 cent and 27 cent regions. As I just mentioned, Enjin can continue to rise if it closes daily above 40 cents. Closings under 40 cents may revisit the 35 cent support.
