AltcoinsCryptocurrencyGameFiPrice Analysis

Enjin Coin (ENJ) Needs Oiling as These Metrics Summon Investor Fears

The past few days saw many digital tokens recording gains amidst market-wide recovery. However, the ENJ token is yet to register significant traction. Enjin attained a crucial milestone on July 21 when it declared collaborating with Square Enix to create branded collectibles.

The press release showed that the partnership consummation would welcome Final Fantasy VII Anniversary cards’ virtual collection and make figures available on the cross-chain network Efinity for NFTs sale and purchase.

The altcoin traded near %0.6019 at this publication, while announcement news failed to excite holders about scooping more Enjin tokens. Let us check performance since July 21.

ENJ Requires Oiling

ENJ changed hands near $0.59 during the partnership announcement on July 21. While writing this content, the alternative token changed hands at around $0.60, representing a 2% price surge within the past three days. With minor price movements, a dip in the asset’s trading volume during the timeframe wasn’t a surprise.

The metric plunged from July 21’s 128.45 million to 85.54 million during this publication, representing a 33% trading volume slump in three days. Surprisingly, the asset’s market cap noted a 5% increase since July 21. The surge emerged despite the scanty price growth.

Despite the low price movements over the past 24 hours, evaluating the token’s action on a 24hr chart confirmed a stable buying pressure increase. While writing this blog, the RSI (Relative Strength Index) and MFI (Money Flow Index) maintained uptrends at 58.53 and 59.06, respectively.

On-Chain Performance

Santiment data shows crucial metrics for assessing ENJ’s network activity resorted to declines since July 21. For instance, new addresses joining the platform declined by 26% within the past three days. Also, unique addresses that interacted with Enjin since July 21 dropped from 736 to 140 addresses during this publication.

Meanwhile, while the crypto’s social dominance noted a 36% slump since July 21, ENJ’s social volume saw only a 3% increase within the timeframe under review. Though the altcoin recorded unimpressive performance within the past few days, ENJ’s price has witnessed a 25% surge since the month started.

Stay tuned for the latest crypto updates.

Editorial credit: photo_gonzo / shutterstock.com

Related Articles

BlockchainCryptocurrency

What is Annual Percentage Yield (APY) and How Does It Work in Crypto?

Introduction Annual Percentage Yield (APY) in crypto refers to the attention or...

EconomyPrice Analysis

ECB Policymakers Consider a Mild Rate Increase

Preliminary conversations indicate a shortage of enthusiasm for a subsequent hike of...

Crypto / Forex Broker ReviewsCryptocurrency

ArgoTrade Review – Your global trading partner?

What is ArgoTrade ArgoTrade currently offers online trading using CFDs via reliable...