Some of the overarching market signs seem to indicate most currencies, tokens, and assets could resume their uptrend later today. Other signals indicate things are not looking all that great. As long as Bitcoin remains in the red, alternative markets will struggle. The Enjin Coin price is an exception, as it is one of the most bullish offerings in the entire top 60. A remarkable turn of events, although escaping the bearish trend will not be easy.
Enjin Coin Price Tries to Move up Again
It is always surprising to see how the different cryptocurrency markets deal with the overall industry circumstances. Whereas Bitcoin is still struggling to gain some real traction, it seems other markets are moving up in the process. Enjin Coin is one of those markets which seemingly doesn’t care too much about moving alongside Bitcoin, as it is breaking out all of a sudden in quick succession. Sustaining this growth after a major price drop may prove to be very difficult, depending on how the other top markets evolve.
Over the past 24 hours, the net balance for ENJ is a 5.58% gain in USD value, a 7.26% gain over Bitcoin, and a 6% gain over Ethereum. All of these signs are incredibly promising for Enjin Coin price watchers, although it seems unlikely this market will escape Bitcoin’s gravitational pull for very long. The $44.2m in trading volume may help move things along rather nicely, though. It is evident this market needed a bit of an upward nudge after the recent downfall. As such, the current value of $0.159947 seems more than fair.
Even though most people are looking at Bitcoin first and foremost, it seems the Enjin community is getting excited as well. More specifically, it would appear the recent ENJ-USDT pair on Bittrex is getting a lot of positive attention. Although it may not necessarily introduce a lot of liquidity right away, having a stablecoin pairing is always promising where alternative markets are concerned.
New Market Update: The USDT-ENJ market on https://t.co/0PDjOTWp8h is now open for trading. For more information about Enjin (ENJ) visit: https://t.co/p6E0YXZ1oJ #Bittrex $ENJ pic.twitter.com/aLnK3W5KzJ
— Bittrex (@BittrexExchange) April 4, 2019
It would also seem there are some users who simply enjoy the direct communication provided by the team on Telegram. Communication is often a problem for alternative crypto market teams, yet it seems the Enjin team is doing a good job at this time. Maintaining an open dialog between team members and the community is one way of ensuring the ecosystem can keep on growing. Plus, it also makes ENJ seem more professional compared to a lot of other offerings available today.
Hi Maxim, thanks for answering my question on dilution/deflation today, this was one of my only worries and as an investor this is simply epic. I'm proud to join your Enjin army! @maxenjin #Enj pic.twitter.com/fQe5NXG2V6
— Krypto-Knight (@da_yve) April 5, 2019
Lil Vasili & Igor seems to be stirring the pot in terms of the Enjin wallet being pre-installed on the new Samsung Galaxy S10 phones in South Korea. It would appear the pre-installed application will also make its way to the US and Canada in the near future, which will be interesting to keep an eye on. None of these developments will have a notable effect on the ENJ price, although it is a great way of getting more exposure for the project as a whole.
— Lil Vasili & Igor (@IgorsCrypto) April 5, 2019
As is always where one of the most volatile financial industries is concerned, the current ENJ price trend is not indicative of what will occur throughout the weekend. This minor uptrend is promising, but as long as Bitcoin remains in the red, its potential for future gains will be severely limited. A push to $0.16 seems very plausible, but anything beyond this level will be a struggle first and foremost.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.