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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.


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