Enjin Coin price prediction: bull run to $3 possible as NFT demand rises

2021-8-25 21:06

The Enjin Coin (ENJ/USD) price popped on Monday as interest in the digital coin continued rising. Its price popped to a high of $2.18, which was the highest level since May 12. As a result, its total market capitalization rose to more than $1.6 billion, making it the 70th biggest cryptocurrency in the world. 

Why ENJ is rising

Enjin is a blockchain project that was started in 2017, with the goal of helping developers in the non-fungible token (NFT) industry. By then, this was a relatively small industry that not many people knew about.

This year, the NFT industry took steam as investors and developers took notice. Recently, some NFT marketplaces have received a market capitalization of more than $1 billion. We have also seen many wealthy people spending millions to acquire key digital assets.

The Enjin price rose on Monday after Visa bought a cryptopunk for $150,000. This is a notable thing considering that Visa is one of the biggest financial services companies in the world with a market cap of almost $500 billion. It is also one of the most important firms in the world since its cards are used by millions of people globally.

Enjin Coin is the native currency for the Enjin ecosystem. This is a large platform that allows developers to build NFT products, including games. Some of the most popular NFTs in the ecosystem are Azure Heroes, Lost Relic, The Six Dragons, and Age of Rust.

In the past few months, activity in the Enjin ecosystem has been in a strong bullish momentum. There are more than 42,000 traders who have sold more than 800k assets. This trend will likely keep rising as the decentralized NFT and gaming industry becomes popular.

The Enjin price also rose because of the overall strong performance of cryptocurrencies. Bitcoin jumped above $50,000 while Ethereum rose to more than $3,300.

Enjin Coin price prediction

The daily chart shows that the ENJ price bottomed at $0.6477 in April. Since then, the coin has risen by more than 230%. Along the way, it has moved above the key 25-day and 50-day moving averages. It is also approaching its all-time high of more than $3.90. At the same time, the Relative Strength Index (RSI) has been on a rising trend and is currently at the overbought level. Therefore, the coin will likely keep rising as bulls target the next key resistance at $3.

The post Enjin Coin price prediction: bull run to $3 possible as NFT demand rises appeared first on Invezz.

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