Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple.
The Enjin Coin price is at its lowest this month, having just broken below $0.10000. However, ENJ may benefit from the platform’s latest ethical alliance.
Enjin Coin is trading at $0.9750, lower by $0.098 (-9.12%).
ENJ, like much of the market, has suffered this week. Enjin Coin has not just lost 25.5% over the last seven days. It has also lost its billion-dollar status. The recent plunge has dragged its valuation to $814 million, ranking Enjin Coin as the 71st-largest crypto project.
Late last month, Enjin revealed its eco-friendly JumpNet blockchain had achieved carbon-negativity via the purchase of carbon credits through Australian climate change firm Beyond Neutral. Additionally, on the 9th of this month, Enjin joined the Crypto Climate accord, further enhancing its commitment to the environment.
Furthermore, today’ Enjin has revealed it has become the first non-fungible token (NFT) platform accepted into the United Nations Global Compact at the highest participant rank.
According to the Ten Principles of the UN Global Compact, members must make a rigorous commitment to the highest levels of sustainability and equality.
“Joining the UN Global Compact reaffirms our commitment to improving people’s lives through blockchain technology, and will ensure these efforts are sustainable, focused, and optimized while holding us accountable to the public along the way.”
Maxim Blagov, CEO of Enjin.
This reinforces Enjin’s ‘ESG’ credentials and could be the key to unlocking vast sums of capital over the next few years as investors become increasingly supportive of projects with a social and environmental conscience.
Of note, the daily chart shows the Enjin Coin price has retraced its bullish breakout from a long term pennant formation earlier this month. Furthermore, ENJ is on course to retreat below the descending top-end of the channel at $0.9550.
In this event, ENJ should target the horizontal support at $0.7200, which marks the formation’s lower end.
Additionally, ENJ is below the 50, 100, and 200-day moving averages. Moreover, the 50 DMA at 1.2417 has crossed below the longer-term 100, and 200-day indicators.
The outlook for the broader market remains unclear, and despite today’s announcement, ENJ could suffer in the near term if crypto sentiment sours further. And on that basis, I expect $0.7200 to be tested soon. Moreover, a close below $0.7200 would likely lead to an even lower valuation in the days/weeks ahead.
However, today’s news will certainly broaden Ejin’s appeal. And when confidence returns to the cryptocurrency space, ENJ should offer an attractive opportunity.
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