ENJ jumps more than 16% against the US dollar today

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Enjin was launched in 2009 in Singapore and rapidly turned the largest gaming neighborhood creation platform. Its recognition led to the start of ENJ, a cryptocurrency and good contract meant to create belief and safety in the neighborhood with minimal transaction charges.

Enjin lets customers create NFTs with out coding. Moreover, customers can receives a commission when different customers commerce digital property by way of the Enjin market.

ENJ has a market capitalization of over $450 million and a circulating provide of 1 billion. The begin of 2023 noticed the ENJ coin gaining near 100% against the US dollar, with about 16% today solely.

So is it secure to purchase ENJ right here?

ENJUSD chart by TradingView

Did the crypto winter finish in 2022?

The cryptocurrency market suffered from a string of dangerous information in 2022. First, it was Bitcoin that led the method decrease, as the main cryptocurrency plunged from over $60k to beneath $20k.

Bitcoin lovers have argued for fast cryptocurrency adoption by institutional buyers for a few years. Finally, the adoption got here, however with it, Bitcoin turned correlated with the common markets.

In different phrases, Bitcoin was hit arduous in 2022 by a robust US dollar. Also, it primarily moved on elementary information affecting the total market, akin to the US inflation or modifications in the Federal Reserve coverage.

As such, speculators in the crypto business rapidly turned their consideration to different cash. But Bitcoin’s significance does matter for the total business.

Therefore, when Bitcoin jumped over $21k at the begin of 2022, it triggered the same transfer on most of the crypto market.

ENJ is one which adopted swimsuit. It gained virtually 100% in 2023 after forming a falling wedge sample at the finish of final yr.

So is it honest to imagine that the crypto winter of 2022 is over?

At this level, ENJ checks resistance at an space that supplied help in the previous. If Bitcoin’s rally shouldn’t be over, then one shouldn’t be shocked to see ENJ pushing above resistance.