Enjin Coin is the cryptocurrency whales’ favorite cryptocurrency. WhaleStats, a cryptocurrency whale tracking system WhaleStats reports a total of 28,551,132 ENJ coins are in the whales’ possession.
This is $11.8 Million, considering that one token trades at $0.4141.
Enjin’s development team also released a beta version their native wallet to coincide with whale fever on ENJ coins. These trends will continue to attract more investors who will be able to support the concept and the coin.
Peep the top 100 whales here: https://t.co/tgYTpOmDm0
— WhaleStats (tracking crypto whales) (@WhaleStats) October 22, 2022
Consequently, this is good news for the ENJ coin’s market price. However, this coin is in a very bad market mood.
Enjin needs a shot in the arm
At the time of writing, there are no encouraging token metrics. Coingecko reported that the token has seen a 0.7% gain in the last 24 hours. This is far below the loss of the previous seven days.
Every single average of weekly, biweekly and monthly is in red. CryptoDoc on Twitter stated that ENJ Coin would never be as valuable again. These graphics could provide a summary of all data.
Chart by TradingView
The cryptocurrency trades at levels that have not been seen since February of last year. This currency was at its highest level since June’s fall, and it returned to $0.75 in August. However, the currency fell to its lowest in June due to greater market pressures.
This is an essential juncture in the history of the coin. Any lower than this threshold renders ENJ inoperable within the Enjin ecosystem.
EnJ: What’s Next?
Some analysts believe that ENJ’s future is likely to be bearish. At the time of writing, momentum suggests that there will be a continued downturn from January 2021. This notion is supported by the current RSI value.
However, according to Chaikin’s money flow indicator, bulls currently control the market. The whale buying spree may be responsible. Stoch RSI numbers support a potential bullish activity in near future.
The triangle pattern that has formed as a result of the coin’s past price movements will pose a significant barrier to any potential rebound.
For a price recovery to occur, today’s candle must close green, which is a bullish indicator for investors and traders.
ENJ may benefit today from a green ending price, which could give them the momentum they need to push the $0.443 barrier.
Featured image from The VR Soldier, Chart: TradingView.com| Featured image from The VR Soldier, Chart: TradingView.com Disclaimer: This analysis should not be taken as investment advice.