Enjin was launched in 2009 in Singapore and rapidly grew to become the largest gaming neighborhood creation platform. Its recognition led to the start of ENJ, a cryptocurrency and sensible contract meant to create belief and safety in the neighborhood with minimal transaction charges.
Enjin lets customers create NFTs with out coding. Moreover, customers can receives a commission when different customers commerce digital property by way of the Enjin market.
ENJ has a market capitalization of over $450 million and a circulating provide of 1 billion. The begin of 2023 noticed the ENJ coin gaining near 100% against the US dollar, with about 16% today solely.
So is it secure to purchase ENJ right here?
Did the crypto winter finish in 2022?
The cryptocurrency market suffered from a string of unhealthy information in 2022. First, it was Bitcoin that led the method decrease, as the main cryptocurrency plunged from over $60k to under $20k.
Bitcoin lovers have argued for fast cryptocurrency adoption by institutional traders for a few years. Finally, the adoption got here, however with it, Bitcoin grew to become correlated with the common markets.
In different phrases, Bitcoin was hit onerous in 2022 by a powerful US dollar. Also, it primarily moved on basic information affecting the general market, equivalent to the US inflation or modifications in the Federal Reserve coverage.
As such, speculators in the crypto trade rapidly turned their consideration to different cash. But Bitcoin’s significance does matter for the general trade.
Therefore, when Bitcoin jumped over $21k at the begin of 2022, it triggered the same transfer on most of the crypto market.
ENJ is one which adopted go well with. It gained virtually 100% in 2023 after forming a falling wedge sample at the finish of final 12 months.
So is it truthful to imagine that the crypto winter of 2022 is over?
At this level, ENJ exams resistance at an space that supplied assist in the previous. If Bitcoin’s rally shouldn’t be over, then one shouldn’t be shocked to see ENJ pushing above resistance.
