Enjin (ENJ): What for Investors Amid Distressed Market Conditions?

Enjin claims to build a product market to assist humanity in creating enhanced virtual economies through blockchain technology. Also, the crypto project promises to offer users a straightforward approach to managing their crypto and NFTs portfolios.

The company boasts around 12.4M worth of ENJ coins locked since its inception in 2009. May 29 reports suggested that ENJ was one of the top ten bought assets by the 2,000 leading Ethereum whales within 24 hours. Nevertheless, let us assess the alt’s performance since May’s early sessions.

Enjin Price Action

2022 hasn’t been great for ENJ as the token deteriorated since its November 2021 all-time peak of $4.85. Opening the month at around a $1.06 price index, Enjin has seen a 40% plunge within a month. Such declines pinned the alternative token at $0.64 during this publication.

As anticipated, ENJ’s market cap succumbed to implosion. The metric stood around $934.8 million on May 1 before losing 38%. While publishing this content, the market capitalization hovered around $577.08 million.

Meanwhile, Enjin’s Money Flow Index and the Relative Strength Index remained deep-rooted within the oversold territories throughout the month. That shows the token experiences massive bearish actions during May. While writing this content, the MFI and the RSI stood at 33 and 38, respectively.

Moreover, it is worth stating that the token gained 10% within the past 24 hours. Also, the trading volume recorded a 10% increase. That can be due to the accumulation of whales, as highlighted above.

Besides Ailing Price

On-chain outlook shows ENJ on bearish tendencies, supporting the token’s ailing nature. However, more evaluation shows investors held or accumulated the alt since mid-May.

Distinctive addresses transacting ENJ maintained a downside bias since May 13, following the 1,324 addresses peak. However, this metric has dropped by 86% since then.

While publishing this content, the exchange supply index for ENJ stood near $426.05 million and kept declining since May 10. Generally, continued surge by this index reflects surged selling momentum. Nevertheless, the narrative was the opposite for ENJ since May 10.

Selling momentum maintained steady drops, showing ENJ investors have held their tokens. Moreover, ENJ token supply outside exchanges recorded a surge from May 10, indicating an increased accumulation.

Also, the asset’s development activity, standing near 6.12 at this publication, suggested growth for Enjin in May. Moreover, this index maintained upside trends since May 9.

Editorial credit: photo_gonzo shutterstock.com

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