ENJ Price Analysis: Marks New Highs While BTC, ETH Drop
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- Enjin coin is performing quite well as the metaverse trend picks heat.
- After Facebook, Microsoft is taking an interest in the metaverse.
- Technically, the ENJ/USD has seen some profit-taking, but the overall bullish trend remains intact.
The ENJ/USD price analysis enlightens us about the current bullish trend in the metaverse project and the future projection.
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As rumors about the Metaverse fuel a hot cryptocurrency market, Enjin is up almost 20% that day. Naturally, Enjin’s video game cryptocurrency platform has a lot of interest since it has all the makings of a thriving crypto metaverse.
So, what is the metaverse? And where exactly does Engin fit in?
In the metaverse, developers create fully virtual, self-contained worlds connected to entertainment, social networking, and financial platforms. So naturally, games are the most obvious application of this sublime concept.
In projects like Roblox, users can play, learn, create, and communicate. Robux, Roblox’s currency, can even be used to purchase clothes online for your avatar. Thus, money plays an important role in the development of a game.
Why is metaverse so popular?
The virtual reality experience offered by Enjin is similar to that offered by Roblox. Several of his gaming platforms offer his own cryptocurrency, Enjin Coin, as a means of purchasing in-game items – often rare and valuable. The ENJ cryptocurrency is regarded as the backbone of the booming Metaverse industry. Enjin announced that her metaverse would be named Efinity.
With Facebook recently rebranding to Meta-Platforms and big names like Microsoft also getting into the metaverse, it’s clear that it’s gonna be a huge industry.
BTC and ETH falling
While BTC and ETH prices are falling, the metaverse projects including Enjin Coin, is constantly gaining. Although mainstream cryptocurrencies have dipped more than 10%, the metaverse projects have made higher highs during the same period.
It looks like a negative correlation between BTC, ETH, and the metaverse cryptocurrencies. However, this correlation would definitely break with time.
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ENJ/USD price technical analysis: Retracement to provide a buying opportunity
The ENJ/USD price has formed a double top at 3.90 and is paring off the gains. However, the price has the solid support of 3.45 to 3.60 area where we may expect some buying to jump in and race for a double top breakout. The key moving averages are making a bullish crossover on the chart, indicating that any fall can be transient and bulls will overcome again. The volume data shows a decline with the decline in prices.
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