- ENJ/USD has seen a 7% price drop today on June 15.
- The weekly chart of Enjin remains extremely bullish despite the current consolidation.
Enjin has seen a 600% price increase since March 2020 and although it’s down 25% in the last two weeks, the weekly chart is still in an uptrend. The bulls have managed to stay above the 12-EMA at $0.158 and the 26-EMA at $0.132 and are currently looking to form a new higher low compared to $0.15.
What is the reason behind Enjin’s current bullish momentum?
Enjin is based on Ethereum and it’s used for the creation of blockchain assets. It uses a new standard called the ERC-1155 token standard and it is one of the most popular crypto gaming-related projects.
Enjin’s performance in 2020 has been really promising and is showing a lot of potential considering the digital asset managed to trade above $0.20, a price value not seen since February 2018. Recently, the team of Enjin managed to create a Minecraft plug-in that allows players to spawn blockchain assets.
Enjin has also made its crypto wallet available to Chinese users back in April of this year and is planning to expand into Asia. Enjin is perhaps one of the biggest contributors to crypto adoption, something that is clearly helping the digital coin.
ENJ/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.