Enjin [ENJ]: Ailing market condition but investors should know that the price…

ambcrypto.com:

With the promise of providing users with a simple way to manage their NFTs and cryptocurrency portfolios, Enjin claims to be building a product ecosystem directed at assisting humanity to create advanced virtual economies by leveraging the power of blockchain technology.

Founded in 2009, the company currently has a total of 12.4 million worth of its ENJ tokens locked in assets. As of 29 May, it was reported that the ENJ token was among the top 10 purchased tokens among the 2,000 biggest ETH whales in the last 24 hours.

However, let’s take a look at the performance of the ENJ token since early May.

At an all-time high of $4.85 in November 2021, the year has not been particularly great for the Enjin token. Starting the month at an index price of $1.06, the token has since suffered a 40% decline in just about 30 days. This decline pegged the coin at $0.64 at the time of writing.

Source: CoinMarketCap

As expected, the market capitalization of the ENJ token also suffered an implosion. At a market capitalization of $934.80 million on 1 May, this token has since lost 38% of its value. At the time of press, this figure stood at $577.08 million.

Source: CoinMarketCap

All month long, the Relative Strength Index( RSI) and the Money Flow Index (MFI) of the ENJ token have maintained deep-routed positions in the oversold regions. This indicated that the month has since been marked with significant bearish movements for the token. At the time of press, the RSI and the MFI stood at 38 and 33 respectively.

Source: TradingView

It is also worth mentioning that in the last 24 hours, the price of the token rallied by 10% and the trading volume also witnessed a 10% spike. This might be attributed to the whale accumulation mentioned earlier.

On-chain