Enjin was launched in 2009 in Singapore and rapidly turned the biggest gaming group creation platform. Its reputation led to the delivery of ENJ, a cryptocurrency and good contract meant to create belief and safety in the neighborhood with minimal transaction charges.
Enjin lets customers create NFTs with out coding. Furthermore, customers can receives a commission when different customers commerce digital belongings by way of 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% in opposition to the US greenback, with about 16% at present solely.
So is it protected to purchase ENJ right here?
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 traders for a few years. Lastly, the adoption got here, however with it, Bitcoin turned correlated with the common markets.
In different phrases, Bitcoin was hit arduous in 2022 by a robust 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.
Due to this fact, when Bitcoin jumped over $21k at the beginning of 2022, it triggered the same transfer on many 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 truthful to imagine that the crypto winter of 2022 is over?
At this level, ENJ exams resistance at an space that supplied assist up to now. If Bitcoin’s rally just isn’t over, then one shouldn’t be stunned to see ENJ pushing above resistance.