Will Enjin Coin Price set up another 100% Jump in Q2?

Key Takeaways:

• Enjin Coin price is rising high since the early trading hours and gained nearly 20% in its value to hit $0.5
• As the bulls appear to be well in position, the trend is expected to repeat to clinch another giant jump very soon
• Traders continue to hold ENJ for long while the whales have begun to accumulate, flashing bullish sentiments for the token

Enjin Coin, the blockchain platform dealing with the NFT has witnessed massive spikes in the recent past. The fresh price surge is believed to bring ENJ into the mainstream as the token is preparing for the upcoming NFT.io. This is expected to become the largest NFT marketplace in the industry. With this, the price turned vertical as the investors now focused on the upcoming NFT.io launch. 

Some of the features of the NFT marketplace are the refreshed design of its current assets page, verification badges, and the introduction of Beams. However, the recent market sentiments towards the NFT have waned over time and failed to regain traction. The sales volume recorded in Q1 2023 also displayed a massive drop which indicates the losing interest of the traders in the NFT. Hence it may be one of the biggest challenges for Enjin Coin to succeed in the misty environment. 

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Enjin Coin (ENJ) Technical Overview

Source: Tradingview

• The ENJ price is trading within an ascending triangle and testing the upper resistance of the triangle without reaching the apex of the consolidation
• The bulls currently appear to hold more strength and hence a bullish breakout may be likely anytime from now
• Besides, the RSI and the MACD are bullish and indicating the price may slice through the resistance very soon
• With a breakout, the ENJ price may reach $0.6 initially and head to test the higher targets 

Enjin Coin On-Chain Overview

Enjin Coin MVRV Ratio

Source: Santiment

The MVRV ratio is the comparison between the current market capitalization of a token with its realized market cap to get the fair value of the token. This fair value determines whether the current price is undervalued or overvalued. If the MVRV levels are high, then it is considered as the price is overvalued and a drop level indicates the price is undervalued. 

The Current MVRV ratio has plunged significantly and has maintained lower levels for quite a long time indicating the price remained undervalued for a long time. These levels usually attract liquidity onto the platform which uplifts the price largely. 

Enjin Coin Supply on Exchanges vs Supply on Top Addresses

Source: Santiment

The supply on the exchanges tells the reserve balance of all the aggregated exchanges while the supply on the top exchanges indicates the whale balance. Both largely share a diverse trend as a rise in supply on exchanges indicates the bearish mindset of the traders and a drop indicates the traders are willing to hold the token for a long time. 

Besides the rise in the supply on the top address which can be considered as a whale address suggests the whales are constantly accumulating which may flutter bullish signals within the crypto space and also positively impact the price ahead. 

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Enjin Coin Network Growth

Source: Santiment

The network growth is recorded based on the number of commits loaded on the GitHub repository which is largely public and accessible to all. The rise in the levels indicates the development team behind the project is determined to work for the benefit of the platform and is poised to deliver new updates. 

Conversely, a drop in the levels, suggests no new upgrades may be expected which usually flutters bearish flags. However, the levels are been consistently rising to indicate the rise of the bullish sentiments for the token. 

Concluding Thought

Although the NFTs have lost traction nowadays, the new upgrades may bring back the glory. Enjin coin may, however, succeed to get back the lost attention and hence kick-start a fresh NFT boom in 2023 similar to that of Q4 2021. The positive market sentiments and the increase in the whale accumulation may eventually attract more traders onto the platform.