The price of Enjin Coin fell to almost its all-time low this year, which could be due to concerns about the future of the NFT industry. The ENJ token was trading at US$0.60 on Tuesday. That’s down about 87% from its highest level in 2021, bringing the market cap of this metaverse token down to about US$549 million.
Concerns about the NFT industry remain
Enjin is a large blockchain project that focuses primarily on the metaverse and NFT industry. Enjin’s ecosystem includes several components. Firstly, there is its own crypto wallet, in which one can store and manage NFTs in addition to cryptocurrencies. With Enjin Marketplace, users have a place where NFTs can be traded. Enjin Bridge is a bridge for Ethereum, and JumpNet is a protocol for minting NFTs for free. Finally, there is Efinity – a platform built on Polkadot that calls itself a blockchain for NFTs.
So here you can create new NFTs, market them and sell them to others. At the same time, Enjin is a very fast network with an average block time of only 12 seconds.
As a result, Enjin has created a complete ecosystem for private individuals, companies and developers. So not only can ordinary users buy new NFTs here, but companies can also launch their NFT solutions. Finally, developers can build new games and metaverse projects using Enjin’s technology.
The latest company to choose Enjin is Square Enix, the well-known Japanese game developer. The company will use Enjin’s technology to create NFTs for its games such as Final Fantasy VII.
However, Enjin faces significant challenges as the NFT industry faces strong headwinds. After peaking in 2021, the volume of NFTs has been in sharp decline in recent months. The world’s largest NFT marketplace OpenSea even had to lay off part of its workforce.
Analysts believe the industry will face further problems in the near future and is still far from recovery, as many buyers of NFTs have suffered significant losses. At the same time, Enjin faces competition from platforms such as Cronos and Theta.
Enjin Coin Price Forecast
The ENJ price has moved in a narrow range in recent days as the prices of other cryptocurrencies have also fallen. The coin is trading at US$0.60, which is slightly above the year-to-date low of US$0.3806. It is consolidating along the 25-day and 50-day moving average lines, while the Relative Strength Index (RSI) has risen above the neutral point.
The Enjin price is likely to remain in the important range between US$0.3806 and US$0.7618. A rise above resistance at US$0.7617 would mean that the bulls have gained the upper hand and will drive the price to resistance at US$1.
On this page we explain how to buy Enjin and other altcoins.
