Enjin Coin price prediction: ENJ is ripe for a bullish breakout
The Enjin Coin price has had a spectacular rally in the past few weeks. The ENJ coin jumped to a high of $3.5200 this week. This price was a few points below its all-time high of $3.9750. It was also about 440% above the lowest level in June. The coin has a total market capitalization of more than $2.35 billion.
Is ENJ a good investment?
Enjin is a blockchain platform that focuses on the fast-growing industries of non-fungible tokens (NFTs) and metaverse.
Enjin provides a platform that enables individuals to trade in NFTs. It also enables companies like Microsoft, LogiRelics, and GameTalkTalk to develop and sell their NFTs.
Enjin’s ecosystem has been growing rapidly. It has more than 10.3 million users from around the world. It also has more than 3.2 million assets in its marketplace. Millions of people have also installed its wallets.
Enjin’s ecosystem is powered by two cryptocurrencies. The Enjin Coin (ENJ) is the most well-known of the two. Its work is to infuse NFTs by powering them as they move between games, apps, marketplaces, and wallets.
It also has the Efinity Token (EFI), which is the native token of Efinity. Efinity is a next-generation blockchain for NFTs.
The Enjin Coin price has rallied spectacularly in the past few weeks because of the strong growth of the metaverse industry. A recent study showed that the industry rose to more than $48 billion in 2020. It is then expected to see double-digit growth in the coming years.
Indeed, companies like Microsoft and Facebook have already laid out their plans for the industry. Facebook’s holding company is now known as Meta Platform.
Similarly, NFTs are seeing robust growth, with the industry expected to generate billions of dollars this year.
Enjin Coin price prediction
The daily chart shows that the Enjin Coin price rally has found a breather recently. It has been in this price in the past few days. Still, the coin is above the key support at $2.32, which was the highest level in August.
Enjin is also being supported by the 25-day and 50-day exponential moving averages (EMA). The MACD has also been rising.
Notably, it seems like it is forming a bullish pennant pattern. In price action analysis, a pennant is usually a bullish signal.
Therefore, there is a possibility that the coin will soon break out. If it does, the next key level to watch will be at $5.