The trading price of Enjin (ENJ) has recorded a strong boost in a single trading day. The data shows that the trading price ENJ has surged by 20% in a single day, which is a massive push.
It is quite remarkable for an asset to experience a push that is as much as 20% in a single day. The trading price of the asset surged following the FOMC news that excited the bulls.
ENJ Recorded a 20% Surge
It was on Saturday when the trading price of ENJ surged by 20% and it was enough for the bulls to build strong profits.
The rally for the leading GameFi platform started with a small-level rally. However, it ended up being a massive profiting opportunity for the bulls that they did not want to miss out on.
Therefore, they started to invest heavily in the asset, which eventually pushed the trading price of the asset at a significant rate.
Since the strong push, the trading price of the asset has retraced a bit. The analysis data shows that the trading price of the asset has toned down by 4%.
Following the recent retracement, the investors have started coming up with their own assumptions. The traders are eager to know if ENJ would behave in the same manner in the next session or not.
Impressive Performance by ENJ in 2023
Ever since the year 2023 has begun, there is a great level of excitement among Enjin supporters and investors. The platform is proving to be one of the most lucrative investments of the year 2023 year.
The asset ENJ has also displayed a very strong performance on the shoulders of the platform’s huge traction and adoption.
Like the rest of the cryptocurrencies, the success story of ENJ began in the month of January. The asset witnessed strong rallies that kept pushing its price higher.
Its performance was much better than the performance of its counterparts and several major cryptocurrencies.
The asset kept growing in value and the situation became more favorable for the asset in the month of February.
In February, most of the cryptocurrencies ended up losing their charm. This is because the investors stopped investing in the assets with the same level of interest as they did back in January 2023.
However, the trend has remained bullish for ENJ despite the asset entering the next month. The rally was ignited for ENJ in January, which has somewhat stayed put in the ongoing month as well.
Even with the month of February coming to a close, the trading price of ENJ Has remained in the strong bullish territory.
ENJ to Continue Growing Stronger
Even after almost two months have passed, ENJ has remained in the strong bullish zone. The trading price of the asset is still hovering in the bullish zone, backed by a strong bullish technical structure.
This means that despite the recent retracement, the bulls have not lost their confidence. They may continue aiming for higher goals and eventually, they may hit new heights for the asset.
The adoption level for the ENJ token has been rising as the Enjin platform has been growing in demand among GameFi developers.
The reason behind its great adoption level is the tools and services that it has to offer to the developers in the GameFi industry. The particular platform has been operating on the Ethereum blockchain.
ENJ’s Journey to $0.70
From the start of 2023 until now, the trading price of ENJ has surged by 82%, achieving a steady climb. The trading price of ENJ has continued surging and after hitting a 20% rally, and facing a retracement, ENJ has fallen to $0.45.
According to the analysts, the recent consolidation is just a mere setback. The asset will recover from this and it will then surge to higher levels.
As per the estimations made by the analysts, ENJ’s trading price may surge to a high of $0.70.