It has become somewhat common to see cryptocurrency markets bleed value on a Monday morning. This week isn’t disappointing in that department, albeit it is not necessarily a pleasant view. One shimmer of light comes in the form of the Enjin Coin price, which tries to sustain its current bullish run.
A Green Enjin Coin Price
When browsing the current top 100 cryptocurrency markets by valuation, the vast majority of them are in the red. Bitcoin is facing another rough day at the office, which impacts all alternative markets in the process. So far, there are very few markets capable of sustaining this onslaught, albeit it remains to be seen how resilient those trends really are.
The Enjin Coin price trend will tell a lot about how close altcoins are to their alt season cycle. This altcoin managed to inch out a near 10% gain in the past 24 hours, which makes it stand out among all other markets. Currently, one ENJ is valued at $0.084157, with the daily high sitting at $0.0875. It is possible that high will be reached again later today.
The overall trading volume for ENJ is not all that high. That could have a negative impact on the Enjin Coin price moving forward. For now, however, it seems more than sufficient to keep the upward momentum going, albeit caution remains advised. This altcoin comes from a 24-hour low of $0.074270, thus there will probably be some cashing out among traders in the hours to come.
It would appear that Enjin Coin remains very popular among South Korean traders. This can be seen on Bithumb, where its ENJ/KRW pair is bringing in $1.5 million in volume. The pair ranks well behind Binance’s ENJ/BTC and ENJ/USDT pairs, which combine for nearly 71% of all volume. With the bid orders vastly outweighing the sell orders, the current Enjin Coin price trend might not come to an end just yet.
On social media, there are some who seemingly expected this momentum to occur. AltcoinMerkezi expected ENJ to go through a big push. As such, they advised traders to sell between 1,100 satoshi and 1,240 satoshi. Given how the Enjin Coin price sits near 1,200 satoshi right now, it could turn into a new resistance level for the remainder of the day.
#ENJ / BTC
Buy around 1020-1050
Sell targets : 1100-1240, pick a point around these levels.
Stop: 890 pic.twitter.com/uYfjGsbgPk
— AltcoinMerkezi (@AltcoinMerkezi) December 14, 2019
For Mr. Consistent, there is no reason to doubt the future of ENJ. He deems the project to be a solid platform, and the recent collaboration with Microsoft is still a powerful message. How all of this will affect the value of Enjin in the months to come, remains somewhat unclear.
Yes #ENJ has a solid platform and concept. More than just a crypto. Holds a strong future. Microsoft sees that. And if they purchase or make a bid- this thing is going to explode.
— Mr. Consistent (@debauchery007) December 15, 2019