The Enjin Coin price has held steady in the past few weeks as the demand for non-fungible token (NFT) rise. The ENJ coin is trading at $3.10, which is about 15% below the highest level this year. It has a total market cap of more than $2.9 billion, making it the 63rd biggest cryptocurrency in the world. It is sandwiched between THORChain and Leo Token.
Enjin is a blockchain platform that is in two of the fastest-growing sub-sectors in the industry. It has features to supercharge the metaverse and Non-Fungible Token (NFT) industries. To supercharge this growth, the developers recently announced a $100 million fund that will help people accelerate this growth.
Its platform has everything that people need for their NFTs. For example, it has a place where people can build NFTs and a marketplace where they can sell them. To date, more than 27k NFTs have been created in the platform. EnjinX is its NFT marketplace. Enjin also owns Efinity, a platform that is capable of processing more than 120 million tokens per second.
The four-hour chart shows that the Enjin price has defied odds in the past few days. While most coins have crashed, Enjin has maintained a relatively bullish trend. It is even just a few points below its highest level this year.
The coin has also moved above the ascending trendline shown in red. It also seems like it is forming an ascending triangle pattern. This pattern is usually a bullish sign. The Relative Strength Index (RSI) has risen while the price is above the 25-day moving average.
Therefore, the coin will likely keep rising as bulls target its YTD high of $3.65, which is about 16% above the current level. This price will be invalidated if it falls below $2.5.
This post was last modified on Nov 19, 2021, 07:09 GMT 07:09