Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high


Related articles

Non-fungible tokens (NFT) are quickly changing into a focus of the cryptocurrency market as evidenced by tales of millions of dollars being raised in minutes for one-of-a-kind tokenized artwork items and uncommon collectibles that merchants rush to get their fingers on. 

One venture that has been benefiting vastly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a brand new all-time excessive of $0.67 on Feb. 25 following its listing on the alternate in addition to the launch of spot and perpetual futures buying and selling on FTX.

Information from Cointelegraph Markets and TradingView exhibits that ENJ rose 52% from a low of $0.438 on Feb. 24 to a brand new excessive of $0.67 earlier than experiencing a pullback to its present value of $0.611.

ENJ/USDT 4-hour chart. Supply: TradingView

A scroll by the venture’s Twitter feed particulars quite a few latest partnerships and integrations which have helped gas Enjin’s value rise.

Minecraft is without doubt one of the most notable integrations for the Enjin ecosystem and customers are capable of earn special NFTs that unlock secret games contained in the online game sequence.

The platform has additionally benefited from becoming a member of forces with the rising ecosystem of the Binance Sensible Chain (BSC), which has launched an NFT instructional marketing campaign that Enjin can be a part of.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for ENJ on Feb. 24, a number of hours earlier than in the present day’s value rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of the historic and present market situations derived from a mixture of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ENJ value. Supply: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ rating for ENJ reached a excessive of 70 on Feb. 24, shortly earlier than the worth started to spike to a brand new all-time excessive on Feb. 25.

The rising reputation of the NFT house, together with quite a few big-name partnerships has Enjin well-positioned as the present bull market cycle progresses into 2021.

Its latest integration with the BSC offers a solution to escape excessive charges on the Ethereum (ETH) community and will carry a brand new wave of exercise to the Enjin ecosystem.