The Enjin Coin price has been in a tight range in the past few weeks. ENJ is trading at $1.6854, where it has been in the past few weeks. This price is about 57% below the highest level this week. As a result, its total market capitalization has crashed to more than $1.4 billion, making it the 78th biggest cryptocurrency in the world.
What is ENJ?
Enjin is a company that was started by Maxim Blagov and Witek Radomski more than a decade ago. The company owns the Enjin Network, which has more than 20 million gamers globally. The team ran an Initial Coin Offering (ICO) in 2017 for the ENJ Coin, which is now the native token for the Enjin ecosystem.
Basically, the ecosystem is used in the non-fungible token (NFT) and gaming industries. It powers NFTs as they move across games, applications, marketplaces, and wallets. Analysts believe that the industry will keep growing, which will benefit blockchain projects in the industry like Emjin and Axie Infinity among others.
Enjin Coin price prediction
The daily chart shows that the ENJ price has been in a tight range in the past few weeks. As a result, the price has moved along the 25-day and 50-day moving averages while the Average True Range (ATR) has dropped to the lowest level in months.
This is a sign that volatility has disappeared. Still, the coin has jumped by more than 5,500% this year alone. It is also between the key support and resistance levels at $0.6408 and $3.9750.
Therefore, in the near term, the Enjin Coin price will likely remain in this range. However, the bias for the coin is bullish, with the main resistance being at $2.2625. This view will be invalidated if it drops below the key support at $1.1722.