Despite the world’s misfortunes, Enjin Coin (ENJ), a cryptocurrency founded in 2017 by a gaming company that is as ancient as Bitcoin, had a good performance in 2020. With all of the growth, it was only a matter of time before ENJ began to see a correction, which occurred in mid-June.
Enjin Coin before the mid-March crash
The first two months of 2020 for Enjin were very similar to those for other coins, with minor changes. While most other cryptos began surging as soon as 2020 began, ENJ appeared to be the first to fall, but it fought it for the bulk of January.
Even yet, as the market soared in February, ENJ jumped from $0.07 to $0.15 in a couple of days, catching up with the rest of the industry.
The coin then fell significantly but was held back for a while by a $0.13 support. The crypto market began to fall again as February came to a finish, and Enjin was no exception.
Unlike many others, the coin began to rebound in the first two weeks of March. However, as soon as March 12th arrived, ENJ, along with the rest of the crypto world, fell again.
ENJ after the market crash
Enjin hit a new YTD low of $0.048, but it began to rise again soon after like most other cryptos.
Enjin’s course began to diverge from the rest of the crypto sector at this moment. Whereas most other coins grew to achieve their peak before the February crash — many of them did not even reach those levels — Enjin swiftly surpassed it.
It grew slowly and steadily throughout the rest of March and the first half of April. A big jump occurred in the second half of April, which was followed by a few weeks of stable growth in early May, followed by another sharp surge in the second half of the month.
ENJ eventually peaked (so far) on May 28th, at $0.22, about halfway to the coin’s all-time high.
To put it another way, ENJ looks to be behaving the same way as Bitcoin does. At the very least, it is more accurately replicating Bitcoin’s performance than the rest of the altcoin market.
Given that many predict the price of Bitcoin to skyrocket due to the halving, Enjin’s value could skyrocket as well if the correlation holds. Anyone interested in purchasing Enjin (ENJ) should be aware of this.
Naturally, the value of the coin has plummeted since then. It continued to fall for the rest of June, eventually settling at $0.15, allowing it to rebound back up to $0.18.
Conclusion
Enjin’s second-quarter performance in 2020 was quite good, at least until June. The coin is currently failing to break through a resistance level of $0.18 while demonstrating that it can do so.
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