Enjin Coin outshines top 100 cryptocurrencies, posting 40 day highs Enjin Coin outshines top 100 cryptocurrencies, posting 40 day highs
Enjin Coin leads the top 100 cryptocurrencies as it teases new platform User Interface (UI).
2 min read
Updated: Apr. 7, 2023 at 11:30 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Enjin Coin posted 11.6% gains over the last 24 hours to lead the top 100 cryptocurrencies.
Enjin Coin price analysis
The coin’s weekly price performance also impressed, placing as the second biggest gainer over the period, at 20.7%. ENJ was pipped to the top spot by Injective, which grew 23.7% over the past seven days.
Its year-to-date movements have broadly followed the market leaders, and since Jan 1, ENJ has moved into a strong uptrend that peaked at $0.5692 on Feb. 23 – equating to 134% gains.
The ensuing drawdown bottomed some two and a half weeks later, finding support at $0.3340. Unfortunately, this was also part of a broader trend that impacted the rest of the market.
Enjin Coin’s recovery since then has been somewhat muted, topping out at $0.4510 – or a 35% increase. By contrast, after finding support at $19,560, Bitcoin peaked at $29,203 – a 49% increase over three weeks.
Since March 28, ENJ has been trending higher on the daily chart. However, the move was capped by a jump above the previous $0.4510 resistance level today – with bulls reaching just short of $0.50 to record a 40-day high.
The move was accompanied by significant volume, as seen during the New Year frenzy. Similarly, the Relative Strength Index (RSI) shows the current momentum remains intact, with the indicator heading to overbought territory.
New look platform
On April 4, Enjin Coin tweeted details of its upcoming new platform User Interface (UI) – including a sneak peek of the changes. The thinking behind the update is to simplify development on the chain, said Enjin Coin.
Touted benefits include features such as approving and freezing assets from the interface, all of which are designed to make tokenization more manageable.
“With the new platform, you can easily create collections, tokens, and beams.
For any #gamedev out there, you will be able to approve, freeze, mutate, and destroy assets all from within an easy-to-use UI platform.”
Similarly, the project’s NFT.io marketplace is closing in on a public release. The most recent development update detailed work on the “Create Asset” page for better useability and the addition of verified user badges.
The update also mentioned successfully closing its beta testing for Beam, described as a “QR-powered blockchain asset distribution service.”
Using Beam, devs can tailor the rewards and assets to better engage with their audience.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Enjin Coin is a platform that uses blockchain technology for social gaming and virtual goods.
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