The ongoing market recovery has allowed most cryptos to adopt upside stances, moves than have elated cryptocurrency investors. Nevertheless, market players should remember that most alts have traversed downtrends since May last year, making the latest upticks nothing beyond a speck in price movements.
Enjin Coin Actions
The community management network’s governance coin, ENJ, has gained 25.21% within the past five days. The surge seems organic, with the gradual increase seen by the CMF (Chaikin Money Flow) suggesting that inflows accompanied the upside price movements. Though that appears a lucrative signal for near-term traders, the token’s long-term outlook remains disappointing.
While ENJ succeeded in printing new ATHs in November 2021, the peak remained barely higher than the $4.03 April 2021 all-time high. However, these eight months saw ENJ losing over 88%. Moreover, even though the token marked an ATH in November, the average investor account balance was higher in April 2021. Generally, lower average (balances) emerge due to price decreases or addresses increase. Increased ENJ holders contributed to November’s average of $24K. Meanwhile, plummeting prices account for the current average balance slump to $2.5K.
Interestingly, investors remained faithful to Enjin Coin regardless the 89% balance decline. ENJ retained all 168K investors despite the 88% price drawdown. Furthermore, Enjin investor resilience is visible as the holders stood steady despite the massive market losses of $60 million on June 14. These losses emerged because of transactions completed by traders on the day, with those in a loss exceeding $65 million.
Therefore, anyone interested in this opportunity to join might hold back as the token is yet to present signals for consisted surges. Moreover, the Squeeze Momentum Indicator (SMI) appeared to suggest more price declines on a near-term scale. That likely matched sentiments in the broad market bias.
The overall crypto space sees impressive recoveries today. While publishing this content, the overall crypto market capitalization stood at $931.04 billion, gaining 2.88% within the previous 24 hours. Also, Bitcoin gained more than 2% over the last day, trading at $20,926. Nevertheless, there’s nothing to suggest extended rallies at the moment.
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