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Enjin Coin (ENJ) price rally is over. Is it time for “Buy The Dip”?



Enjin Coin had seen a spectacular rally lately, but the ENJ price has plummeted for the last two days in a row. In the meantime, it has also fallen under an important support mark. Overall, however, the price has risen by more than 34% in the last 7 days.

Enjin rally over for now

Enjin Coin has grown from obscurity to become one of the largest blockchain platforms in the world. It did so as the price of its token rose more than 200% from its October low.

First of all, Enjin is a blockchain project that makes it easy for developers and companies to create projects using non-fungible tokens (NFT) . Developers can create, distribute, and integrate NFTs over the network.

In the past few months, some of the largest companies in the world have shown interest in Enjin's platform. For example, Microsoft at Azure Heroes is using the network to develop a blockchain-based reward system for digital badges.

The strong growth in the Enjin Coin course is mainly due to two reasons. First, NFTs have become very popular in the past few months. Hence, many investors have rushed to invest in projects related to NFTs.

Second, the ENJ rate has skyrocketed not only because of the NFTs, but also because of the metaverse. Developers can use this network to integrate NFTs into their marketplaces. The developers recently launched a $ 100 million fund for people building Metaverse projects through their network.

In fact, Enjin isn't the only metaverse cryptocurrency that has risen sharply in the past few weeks. Others like The Sandbox, Decentraland (MANA), and Gala have all recovered. These coins have also taken part in the current slide. So what's next for the Enjin Coin price?

On the four-hour chart, we can see that the ENJ price has seen a strong downtrend for the past two days. The coin managed to move below the 25-day moving average. At the same time, it is nearing major support levels at $ 3.60 - its highest level since November 7th.

Oscillators such as the Money Flow Index (MFI) have also moved back from overbought levels. Hence, I suspect the coin will continue to fall for the foreseeable future and potentially test the support at $ 3.60. In the longer term, the coin will then recover. That means it's not the time to buy the dip.

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