This month has been the best for the crypto market since the May crash. The month has even been the best this year for some altcoins, as some have created new all-time highs. Enjin coin has made significant gains this year, and despite failing to make an all-time high, the gains have enabled the coin to create new monthly highs.
Enjin coin is trading at $2.09 at the time of writing after an 11.8% gain in 24 hours.
ENJ Price Analysis
ENJ has been on a steady rise this month. Despite a spike in volatility, the coin has managed to create new monthly highs. Currently, market support is strong, which could be attributed to the double-digit gains in the past 24 hours.
Besides support from the broader market, ENJ is also benefiting from traders who are jumping to leverage the current bullish sentiment. The next resistance lies at $2.12. If it manages to break past this level, it could retest $2.20, a level where it was rejected earlier. Buyers are the main contributing factor towards such a bull run.
On the other hand, the bulls could fail, and we could see ENJ retreat to lower levels. If this happens, the lower support lies at $2.06. Enjin needs to stay above $2 to prevent selloffs that could lead to immense losses.
The adoption of the Enjin network seems to be picking up, given that the network has recently collaborated with Blockster, a social media platform dedicated to cryptocurrencies. Blockster will use JumpNet blockchain, a gas-free and eco-friendly platform, to mint and distribute 400,000 NFTs. Enjin also announced that JumpNet would soon offer support for smart contracts.
The NFTs developed for Blockster using JumpNet will be distributed to more than 300,000 people already on the platform’s waitlist. This is expected to increase the popularity of Enjin.
Where to Buy ENJ
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