Cryptocurrency whales are now heavily investing in Enjin Coin. WhaleStats cryptocurrency whale tracker reports a total of 28,551,132 ENJ coins are in the possession of the whales.
Since a token is now trading at a market price of $0.4141, this equates to $11.8 million.
Along with the whale frenzy on the ENJ coin, the Enjin development team also released a beta version of its native wallet. More investors will back the idea and the coin if these trends continue.
Watch the top 100 whales here: https://t.co/tgYTpOmDm0
— WhaleStats (crypto whale tracking) (@WhaleStats) October 22, 2022
Consequently, this is good news for the ENJ coin market price. Despite this, the coin is in an extremely negative market mood.
Enjin needs an injection in the arm
At the time of writing, the metrics for the tokens are not encouraging. Coingecko reports that in the last 24 hours, the coin has gained 0.7%, which is not enough to make up for the losses incurred over the previous seven days.
Each of the weekly, bi-weekly, and monthly averages are in red. Meanwhile, a Twitter user by the name of CryptoDoc said that the ENJ coin would never be worth what it is now. This could serve as a synopsis of the data presented in the graphs.
The cryptocurrency is currently trading at levels not seen since February of last year. The coin reached this level during the June drop and returned to the $0.75 price range in August. However, increased market pressures pushed the price to a low in June.
This is an important juncture for the currency. Anything below this threshold will render ENJ useless in the Enjin ecosystem.
What lies ahead for ENJ
The most likely future for ENJ is bearish, say some analysts. At the time of writing, the momentum indicator suggests a continuation of the recession to the bottom in January 2021. Current RSI values support this notion.
However, according to the Chaikin Money Flow Indicator, the bulls currently control the market. This may have been caused by the whales binge buying. Stoch RSI values support possible bullish activity in the near future.
The triangle pattern that has formed as a result of the coin’s previous price movements will represent a major barrier to any potential rebound.
For a price rally to occur, today’s candlestick must close green, which is a bullish indicator for investors and traders.
A final green price today could provide ENJ with the necessary momentum to test the barrier level of $0.443.
Crypto total market cap at $890 billion on the daily chart | Featured image from The VR Soldier, Chart: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.