Enjin Coin Price Drops 14.6% to $0.976 – Where to Buy ENJ

Enjin Enjoys 50% Rally After Microsoft’s Collaboration Announcements
Enjin Enjoys 50% Rally After Microsoft’s Collaboration Announcements

Enjin Coin is a cryptocurrency that has created a remarkable space for itself in the crypto market. By focusing on non-fungible tokens (NFTs), ENJ has gained popularity. Despite making significant gains, the coin is currently on a massive downtrend caused by the ongoing turmoil in the broader cryptocurrency market.

ENJ is trading at $0.976 at the time of writing after gaining around 14.6%.

Enjin Price Analysis

ENJ Price Analysis July 20
Source: Tradingview

Enjin Coin has been noting high volatility levels this month. However, despite the volatility, the coin has made a considerable effort to stay above $1, but this was disrupted in the past 24 hours.

The broader market is currently in turmoil, which means that ENJ lacks the necessary support to push to higher levels. If the current market decline progresses, which is an inevitable possibility, we could see ENJ retesting lower support levels of $0.80, where bears will be strong. However, such an intense dip could lead to a trend reversal from traders buying in the dip.

If the trend reverses and ENJ heads towards an upswing, it could re-enter levels above $1. This could create an even sharper uptrend from traders who want to buy and leverage prices as they increase. From $1, ENJ will be headed towards $0.40 and above.

Enjin Coin is the first cryptocurrency to gain usage in the gaming sector. The cryptocurrency boosted innovation in the sector by transforming the gaming industry. The Enjin blockchain gaming platform has over 20 million users.

Enjin announced its recent addition to the United Nations Global Compact, per its release sent to InsideBitcoins. This is in a bid to move towards a carbon-neutral blockchain platform. Enjin claims to be the first blockchain firm to commit to the Ten Principles of the UN Global Compact, which focuses on insights into areas of human rights, environment, and labor.

Meanwhile, the Enjin network has been pivoting towards a sustainable blockchain following the launch of its flagship blockchain JumpNet. The blockchain network also joined hands with the Crypto Climate Accord to aid blockchain decarbonization. The eco-friendly JumpNet is reportedly 99.99% less energy-intensive than the Ethereum network which is the major platform for minting NFTs. Enjin says the partnership is geared towards exploring new ways to utilize NFTs without harming the environment.

The value of ENJ has significantly grown in 2021, and its popularity increased significantly during the year. Its blockchain network is stable, and it has a great developer team behind it, making it a token worth considering.

Where to Buy Enjin

To buy ENJ, create a cryptocurrency exchange account on the following platforms:

  • eToro

One of the exchange platforms where users can buy ENJ is eToro. eToro is a reputable cryptocurrency exchange because it supports popular cryptocurrencies and trading pairs. eToro is also famed for its copy trading feature that allows new traders to copy the trading strategies of expert traders.

  • KuCoin

The other cryptocurrency exchange that supports ENJ is KuCoin. KuCoin is also one of the leading exchanges. It supports a wide range of altcoins and trading pairs. KuCoin also offers copy trading, and it charges competitive trading fees.

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Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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