The price of Enjin, the native token of the blockchain game project and focused on NFT, has increased by more than 30% in the past 24 hours.
There are three main factors behind ENJ’s strong short-term uptrend, namely Coinbase listing, technical momentum and interest in JumpNet.
Coinbase listing intensifies interest in Enji
The price of ENJ has been on a gradual upward trend throughout the past month since the project announced the release of Efinity and JumpNet.
ENJ started to see a big rally when Coinbase, the main US exchange, announced that it would allow users to trade ENJ, an event that was highlighted in TBEN Markets Pro on Wednesday.
In addition, the VORTECS ™ score, exclusive to TBEN, turned green before the rally, as shown in the graph above. The VORTECS ™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and Twitter activity.
On Thursday, Coinbase Pro announced:
“From now on, we will start accepting inbound transfers from 1INCH, ENJ, NKN, OGN to Coinbase Pro. Trading will begin at 9:00 a.m. Pacific Time (PT) on Friday, April 9, if liquidity conditions are met. “
A Coinbase listing usually serves as a major catalyst for alternative cryptocurrencies as it introduces the asset to the US retail market.
Launch of JumpNet and Efinity is crucial
Enjin will also launch two crucial products in the coming months: Efinity and JumpNet.
Efinity is a gaming and NFT focused blockchain that runs on Polkadot. Efinity would be the first blockchain network optimized only for non-fungible tokens. Since there is significant hype surrounding NFTs and the industry is growing rapidly, interest in Efinity is also growing rapidly.
Peter Mauric, Head of Public Affairs at Parity Technologies, said:
“Striking NFTs on existing networks is costly – financially and environmentally. Polkadot was designed to address these structural shortcomings, providing a platform for launching the kind of production infrastructure that Infinity represents for NFTs: cheaper for creators and cleaner for the climate. “
On top of Efinity, Enjin is also releasing JumpNet, a layer two scaling solution for Enjin.
JumpNet allows users to transact using ENJ on gaming platforms with faster and cheaper transactions, which should improve the gaming experience in the Enjin ecosystem.
Mike Abundo, Chairman of the Fintech Philippines Association Committee, mentionned:
“Good luck to the @Enjin community with the launch of JumpNet! JumpNet allows fast and free transactions for $ ENJ & @Enjin game items. This means you can throw your favorite streamer a mighty @Enjin sword when he needs it in battle, then throw $ ENJ at him when he wins. “
Technical dynamics are accelerating
According to alias trader Rekt Capital, ENJ is set to see a bull flag structure against Bitcoin after Thursday’s breakout.
The merchant mentionned:
“Despite the downside volatility, ENJ still shows confirmation of price strength at this level. It is interesting to see if ENJ forms a bullish flag around these levels as the price has been moving sideways along this local red support for weeks.
If the ENJ price holds above the support level of $ 2.5, the likelihood of a wider rally would remain high in the near term.