Highlights:
- Enjin Coin rallies alongside the broader market
- ENJ Price forming higher lows on hourly chart points to rising demand
- Enjin strengthening fundamentals likely to propel ENJ to $1 soon
Enjin Coin (ENJ) has made a substantial rebound today. As of 10:21 UTC, Enjin Coin was trading at $0.203, marking an impressive 8.42% increase over the past 24 hours. This rebound comes from a significant market-wide recovery led by Bitcoin.
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Over the past week, Bitcoin experienced a strong correction, briefly dropping below the critical $60,000 support level. However, Bitcoin has since bounced back above $60,000, positively impacting the broader crypto market by lifting altcoins such as Enjin Coin. Enjin Coin’s performance today suggests it may be up for further gains.
Enjin Technical Analysis – Higher Lows Point To Rising Demand
Analyzing the charts, Enjin Coin has shown resilience following yesterday’s selloff, which saw it hit a low of $0.1786. The subsequent recovery has aligned with the market’s overall bounce. Enjin Coin is making higher lows on the one-hour chart, indicating investors are buying on dips and anticipating further price increases. This pattern suggests bullish sentiment and potential for higher prices.
Source: TradingView
If the current momentum continues, the critical level is the day’s high of $0.2057. Breaking through this resistance could propel Enjin Coin to prices above $0.30 within the day.
Conversely, if the bullish momentum falters, the critical support level to monitor is $0.2017. A breach of this support could see bears pushing Enjin Coin down to a low of $0.1955. However, should the support at $0.2017 hold but volumes drop, consolidation between the $0.2057 resistance and $0.2017 support levels is likely.
Why Enjin Is Likely Headed Higher
Among these potential scenarios, the odds favor a continued upward trajectory for Enjin Coin. Bitcoin’s rally above $60,000 suggests a broader market uplift, benefiting altcoins like Enjin Coin.
Enjin Core Fundamentals Getting Stronger
Enjin’s core fundamentals continue to strengthen, adding to the bullish outlook.
Enjin Positioning Itself In Virtual Tourism
On June 23, Sneaks, the founder of South East Alpha, tweeted about Enjin’s recent developments, stating, “New week, new @enjin highlights! Here’s all you need to know. Enjin and SITEnetwork are igniting the $39 billion virtual tourism market! The future of global tourism is about to be redefined.” This tweet points to Enjin’s growing presence in the burgeoning Metaverse market.
The @enjin multiverse is heating up!🔥
Are you ready for more multiverse games, NFTs, and items?👊
Start your multiverse journey: https://t.co/OdHvJFDU3Y
P.S. Blobby Memes = Enjin Beam🐰 pic.twitter.com/YMxpVQIdxf
— Sneaks (@SneaksNFT) June 25, 2024
The collaboration between Enjin and SITEnetwork highlights the potential for Enjin to capitalize on the $39 billion virtual tourism market, redefining global tourism through innovative digital solutions. This strategic move positions Enjin well within the fast-evolving Metaverse, a sector expected to grow substantially in the coming years.
The Gaming Landscape
The growing interest in Enjin Coin is also driven by its expanding utility and adoption. Enjin’s ecosystem supports various blockchain-based applications, particularly in gaming and virtual worlds. This high utility makes Enjin attractive for investors looking for projects with real-world use cases and growth potential.
Bitcoin Likely To Support Enjin’s Price Momentum
Furthermore, the accumulation of Bitcoin by whales at the $60,000 level and the subsequent price rebound indicate robust market confidence. This positive sentiment is likely to spill over into altcoins like Enjin Coin. As Bitcoin shows signs of a new rally, Enjin could follow suit, potentially hitting new highs in the short term.
$1 A Realistic Short-Term Target For Enjin Coin
Enjin Coin’s prospects look increasingly promising. The combination of strong fundamentals, strategic partnerships, and a bullish market trend provides a solid foundation for Enjin Coin to rally. Given the current market conditions and investor sentiment, the possibility of Enjin hitting $1 soon appears plausible.
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