Metaverse and blockchain gaming tokens are starting to come out of the crypto winter. Enjin Coin (ENJ) for example is rallying albeit slightly. The upward trajectory has largely been fueled by dip-buying investors and improving sentiment in the market. But will this translate into a sustained bullish rally? Here are some highlights:
At press time, ENJ was trading at $1.63, up nearly 30% from its weekly lows the last 7 days
The token is still however trading lower than its 25- and 50-day moving averages, showing bear pressure is still on.
Analysts expect the coin to reverse the gains over the last 3 days and drop towards $1.2 before finding enough support for a decent rally.
Data Source: Tradingview.com
Enjin Coin (ENJ) – Price prediction and analysis
Most metaverse and blockchain gaming tokens have shown some strength this week. The broader market is also recovering. But the indicators for Enjin Coin (ENJ) are still pointing downwards.
First, the coin is still below the 25- and 50-day moving averages even though it is trying to rise above that threshold. We do not see enough bullish momentum to keep ENJ above water.
In fact, the most likely scenario is that recent gains will reverse, with bears pushing the coin towards $1.2. From there, Enjin Coin (ENJ) will look to consolidate and find enough bullish support for a rally.
Why should you buy Enjin Coin (ENJ)?
The metaverse is going to be big, and there are a lot of big-name companies that are putting a lot of dollars in this area. For this reason, metaverse-related tokens like Enjin Coin (ENJ) are expected to see immense growth in value. The token is simply ideal for the long-term investor who wants to buy and hold it for at least a year.