Enjin Coin (ENJ/USD) price went vertical on Friday as investors focus on the upcoming NFT.io launch. The ENJ token rose to a high of $0.50, which was the highest point since March 2 of this year. It has jumped by more than 97% from the lowest level this year.
NFT.io launch ahead
Enjin is a major blockchain platform that operates in the gaming and non-fungible token (NFT). The platform provides key products like a wallet where users can manage their cryptocurrencies and NFTs.
Enjin Platform makes it possible for developers to integrate NFTs with gaming platforms. Further, it runs JumpNet, a forever-free Ethereum scaling platform. Most importantly, Enjin runs Efinity, a leading Polkadot parachain.
The biggest Enjin news is the upcoming NFT.io, which it hopes will become the biggest NFT marketplace in the industry. In March, the developers continued building the platform and introduced new features.
Some of the top features in NFT.io are the refreshed the design of its Current Asset page, verification badges, and the introduction of Beams.
Still, NFT.io faces significant challenges ahead. For example, it faces the major challenge of competition considering that the industry is now crowded. Some of the most important players in the industry are Opensea, Rarible, Magic Eden, and Binance NFT.
It is also worth noting that many blockchains that launched their NFT marketplaces have gained little market share in the industry. A good example of this is Theta, which launched Tdrop with a lot of fanfare in 2022. Today, the platform has seen little action in the industry.
The other challenge for Enjin is that the NFT industry is not growing as fast as was expected. Recent data shows that the total NFT sales dropped in February.
Enjin Coin price prediction
ENJ chart by TradingView
The ENJ coin price has been in a strong bullish trend in the past few days. It has moved from a low of $0.3312 in March to a high of $0.50. The coin has managed to move above the 50-period moving average. It is also approaching the key resistance level at $0.5642, the highest point on February 23rd.
Therefore, for now, the ENJ price will likely continue rising as buyers target the key resistance at $0.56, which is about 20% above the current level. A drop below the support at $0.42 will invalidate the bullish view.
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