The Enjin Coin (ENJ) price has rebounded as interest in the non-fungible token (NFT) coins jump. The token has jumped by more than 14% in the past 24 hours. It is trading at $3.727, which is about 17% above the lowest level this month. This bounce has pushed its market value to more than $3 billion while its 24-hour volume has risen to more than $800 million.
What happened? Enjin price has bounced back even as Bitcoin and other altcoins price struggle. Bitcoin and Ethereum have all declined by more than 10% from their all-time highs.
On the other hand, some of the best-known NFT cryptocurrencies have done well. For example, Decentraland MANA’s price has jumped by more than 8% in the past 24 hours.
Similarly, The Sandbox price has risen by more than 34%, becoming one of the best performers. Another NFT-related token that has done well is Immutable X, whose price has risen by 40% in the past few days. So, what next for the Enjin Coin price?
In my Enjin forecast last week, I noted that the coin would soon jump by more than 16%. This view was accurate as the coin has been in a strong rebound lately.
Turning to the four-hour chart, the coin remains above the ascending trendline that is shown in red. This is a bullish sign. Similarly, the Enjin Coin price bull run is being supported by the 25-period moving average. It has also risen above the key resistance at $3.64, which was the highest level last week.
Therefore, there is a likelihood that the coin will keep rising as bulls target the next key resistance at about $5. This view will be invalidated if the coin falls below the ascending trendline.
This post was last modified on Nov 23, 2021, 07:12 GMT 07:12