Enjin coin price rises as focus shifts to the upcoming NFT.io
2023-04-07 03:50:00 ET
The price of Enjin Coin (ENJ/USD) went vertical on Friday as investors focus on the upcoming NFT.io launch. The ENJ token rose to a high of $0.50, which was the highest point since March 2nd of this year. It has jumped more than 97% from its low this year.
NFT.io will be launched in the future
Enjin is a large blockchain platform operating in gaming and non-fungible token (NFT). The platform offers key products such as a wallet where users can manage their cryptocurrencies and NFTs.
The Enjin Platform enables developers to integrate NFTs with gaming platforms. Furthermore, it runs JumpNet, a forever-free Ethereum scaling platform. Most importantly, Enjin powers Efinity, a leading Polkadot
parachain.
The biggest Enjin news is the upcoming NFT.io, which it hopes will be the largest NFT marketplace in the industry. In March, the developers continued to build the platform and introduced new features.
Some of the top features of NFT.io are the redesigned Current Asset page, verification tokens, and the introduction of Beams.
Nevertheless, NFT.io faces significant challenges going forward. For example, it faces the major competitive challenge considering that the industry is now overcrowded. Some of the most important players in the industry are Opensea, Rarible, Magic Eden and Binance NFT.
It is also worth noting that many blockchains that launched their NFT marketplaces have captured small market shares in the industry. A good example of this is Theta, which launched Tdrop with much fanfare in 2022. Today, the platform has seen little action in the industry.
The other challenge for Enjin is that the NFT industry is not growing as fast as expected. Recent data shows that total NFT sales fell in February.
Enjin Coin price prediction
ENJ chart by TradingView
The ENJ coin price has been in a strong bullish trend for the past few days. It has moved from a low of $0.3312 in March to a high of $0.50. The coin has managed to move above its 50-period moving average. It is also approaching the key resistance level of $0.5642, the February 23 high.
Therefore, for now, ENJ price is likely to continue rising as buyers target the key resistance at $0.56, which is about 20% above today’s level. A drop below the $0.42 support would invalidate the bullish view.
The post Enjin Coin price rises as focus shifts to upcoming NFT.io appeared first on Invezz.
