By Franklin Smith
- Enjin Coin registered brief gains over the last 24 hours.
- ENJ recovery comes after the broad market noted slight bullish rises.
- The alt endured a massive drop before this recovery following a crash in metaverse tokens.
Enjin Coin (ENJ) has suffered downtrends over the past months, coinciding with the sharp correction across the capital markets. ENJ tried a break to higher price zones during November’s late sessions. However, a dip accompanied the false break. As the overall market show recovery gestures, the altcoin highlights upcoming drops.
ENJ Near-Term Recovery
Enjin recovery will rely on support acquired from the global crypto space. As Bitcoin (BTC/USD) remains under the $50,000 threshold, ENJ’s chances of a massive upward break remain minimal.
ENJ recorded an all-time high of $4.82 on 25 November. That was when most alts recorded significant gains. Nevertheless, the prices experienced a hard hit, venturing a steep downward trajectory after some days, and Enjin was not an exception.
For now, EJN wavers 50% under its all-time high, but the alt has shown resilience in keeping most of its gains. Nevertheless, bears remain dedicated, calling for plummets under $2. That is possible if buyer and market support fails.
Enjin Coin and the broad cryptocurrency market see high volatility. That is why ENJ could not stabilize after gaining value. The altcoin managed to form highs past $2.50 over last week, and that might occur again with buyers stepping up again. A massive bullish run by the broad market can see Enjin eyeing the upward target at $3.
Metaverse Coins Register Massive Declines
The brief surges by Enjin are recoveries from what the market saw on 21 December as metaverse tokens sustained overall sell-offs. The coins suffered massive losses as market players shifted investments to other projects.
Metaverse-related blockchains and tokens and metaverse have witnessed increased interest lately. Enjin is one of the top players within the metaverse. Nevertheless, the current case in the market indicates some profit-booking from near-term investors that purchased coins during uptrends in the market.
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