on the crypto
Enjin coin cryptocurrency sign. Rising enjin coin concept illustration.
ENJ will be listed on Coincheck starting February 26 after approval issued by the Japan Virtual Currency Exchange Association.
Enjin takes flight
The value of Enjin Coin has grown from $ 0,235 to $ 0,467 in the past few days, nearly doubling its value in 24 hours. The intraday high of January 20 was the highest price level of Enjin Coin since January 2018 and a few steps from its all-time high also reached in January of that year.
The market cap for the token has also increased 48% to $ 331 million at press time, with Enjin Coin currently ranked as the 75th largest cryptocurrency by market cap. Interest in the Ethereum-based token has skyrocketed, with buying pressure likely to translate into another benefit for the ERC-20 token.
Coincheck shares ENJ
Enjin Coin's massive price hike came after news that the self-regulatory body Japan Virtual Currency Exchange Association (JVCEA) authorized ENJ to be listed on Japan-based cryptocurrency exchange Coincheck.
On the Twitter profile of Enjin Coin, the message was published last week in which the event was enthusiastically announced, underlining that Enjin Coin (quotation ENJ) will be the first gaming token to be listed in Japan. According to data provided by Japan's Financial Services Agency (FSA), ENJ is now the first gaming token to receive regulatory approval that allows listing on any of the country's cryptocurrency exchanges.
ENJ / USD
ENJ / USD should return to an upward curve after easing to a low of $ 0,337. The bulls have recovered in the past few hours and are currently consolidating around $ 0,41.
The daily chart has the relative strength index (RSI) in the overbought zone but it is not very extensive. The MACD indicator is also bullish and shows no signs of slowing to suggest for the current path. If the pressure on the buying side adds another piece to the intraday highs ($ 0,467), the new momentum above this price level will take ENJ / USD above its all-time high of $ 0,493 reached on January 7, 2018.
A higher high confirming the emergence of a rising trendline barrier (towards $ 0,50) will highlight the bulls' desire for further gains. On the downside, two horizontal support lines provide supply recharge zones that may be of interest to bears.
In particular, we are talking about the major support zones at $ 0,40 and $ 0,367, which is the one-week low of the ENJ / USD. If there are further losses in this region, a panic sale could occur. The main support level below $ 0,30 is at the 50 SMA ($ 0,166).
