Skip to main content

Is Enjin Coin a Good Buy as NFT Winter Continues?

 


The price of Enjin Coin has been under severe pressure over the past few weeks as investors worry about the performance of the non-fungible token (NFT) industry. ENJ, the native token, is trading at $1.3525, which is about 73% down from its 2021 high.


Will the NFT bubble burst?

NFT has been one of the hot topics in the financial industry lately. In 2021, the industry generated over USD 25 billion, significantly more than a year earlier. As a result, NFT companies like OpenSea achieved a private valuation of over $13.3 billion.


Enjin is a leading platform that enables developers to create, market and sell their NFT projects. As a result, its price surged in 2021 as the NFT craze continued.


Another catalyst for his achievement was Efinity. Efinity is a project built on top of the Polkadot ecosystem, enabling a cross-chain bridge that allows communication of NFT projects created on other chains such as Ethereum and Avalanche.


Other features include decentralized governance, fuel tanks, and multiple incentives. Efinity has raised millions of USD from past parachain auctions.


Enjin also owns Platform, a feature that allows developers to integrate NFTs into games and other Metaverse projects like Decentraland and Sandbox. This enables them to do all of this without programming themselves.


Dependence on NFTs is one reason why Enjin price has been falling in recent months. While the industry has performed well in 2021, there is a feeling the bubble is about to burst. For example, most NFT coins like MANA and SAND have all crashed.


Additionally, data shows that activity on leading NFT platforms such as OpenSea has plummeted. In February, the platform's fees fell by more than 50% month-on-month. This trend is likely to continue as the Fed adopts a more hawkish tone.



The daily chart shows that ENJ price has been in a strong bearish trend for the past few months. A head and shoulders pattern has formed along the way, which is usually a bearish sign. The coin has also moved below the 25-day and 50-day moving averages. Oscillators like the Relative Strength Index (RSI) and MACD have all declined.


Hence, Enjin Coin price is likely to see a bearish breakout in the coming days. In this case, the next key support level is at $1.


My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

Cardano price forecast – price breaks out! Are we near $1.5 soon?

 In our last Cardano price prediction , we wrote that the price could break out soon. The reason for this was a symmetrical triangle. This triangle was performed after the crash, so we expected the price to break down. But now the course has broken out of the triangle in a bullish manner. But how far could the course rise or what is the goal? Today we will explain to you about the Cardano course ! Cardano price broke out of the triangle and was able to rally to the $1.19 resistance. We tested this resistance, and a short time later the price was sold off. The triangle's target was around $1.23, so we now believe the price has completed the target. As a result, we no longer expect a further increase. Instead, the price could now descend and possibly form new lows. If the price breaks the $1.19 resistance, the price could rally to around $1.5. There is the next resistance where the Cardano price could bounce. If Cardano price fails to break the $1.19 resistance, we would expect the p...
Post a Comment
Read more

Tesla Beats Sales Expectations - Bitcoin Holdings Remain Flat

  The car manufacturer presented its report for the fourth quarter on Wednesday evening. Tesla exceeded expectations for sales and profits. Bitcoin holdings, meanwhile, remain unchanged. Tesla (TSLA) published the Q4 report for 2021 last night. Overall, the electric car maker recorded a sales increase of 65 percent in this quarter compared to the previous year. In the automotive sector alone, sales rose to 15.97 billion US dollars. In addition, the US company set a new record profit of 5.5 billion US dollars - an increase of 665 percent over the previous year. Analysts previously expected adjusted earnings of $2.36 per Tesla share. With 2.54, the carmaker was able to significantly exceed this value - with positive effects on the TSLA course, which recorded an increase of almost 4 percent. Tesla's bitcoin holdings, meanwhile, remained unchanged. At the end of the fourth quarter, the value remained stable compared to the previous quarter at $1.26 billion. In February 2021, Elon Musk...
Post a Comment
Read more

Cardano founder doubts Bitcoin's future as world reserve currency

  Cardano's founder doesn't believe Bitcoin has what it takes to become the world's leading currency. Charles Hoskinson stated in a recent interview that he didn't think Bitcoin would become the world reserve currency. According to the founder of Cardano, a cryptocurrency with smart contract features would become the global reserve currency. Hoskinson believes Cardano or Ethereum would become the world reserve currency. A global reserve currency must offer services like smart contracts, metadata standards, and improved throughput that complete enormous transactions per second. According to the Cardano founder , the scarcity of Bitcoin is due to the high cost of production: "If you make paintings, one of which you have to paint by hand and the other by machine, and both look the same and the demand for both is the same, then the effort for one is a thousand times greater than for the other." Hoskinson spoke about Bitcoin's massive energy consumption, addin...
Post a Comment
Read more