Enjin Coin Price Analysis: Support Below $2.00 Could Be Tested Soon| bitcoin news | crypto news
The Enjin Coin price consolidates at a significant support level, but near-term bearish pressure remains high.
–Enjin Coin (ENJ) is unchanged at $2.376 in early trading on Friday as traders digest the scale of the recent sell-off. Enjin coin has lost half its value in the last three weeks as the once-hot Metaverse bubble deflates. Like many gaming and NFT-related tokens, ENJ has reversed most of the gains made in November. As a result, the project’s market cap has fallen from around $4 Billion to just over $2b, ranking ENJ the 65th most-valuable cryptocurrency behind Zcash.
–The poor performance recently is due to several factors. Firstly, the token rallied over 300% from the October lows to a record high in November, making it over-valued and overbought. At the same time, Bitcoins sharp correction from $69k spurred profit-taking in altcoins, especially those close to record highs. Furthermore, there are concerns that central bank policy will be less accommodative to risk assets in general, causing investors to become more conservative. Subsequently, negative sentiment could force ENJ below $2.00 in the immediate future.
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