Enjin coin pulled back on Wednesday after it slipped to the lowest level since January this month. ENJ has risen in the past four straight days and is trading at $0.358. This price was a few points above this month’s low of $0.32.
NFT.io beta launch
The biggest Enjin news was the launch of NFT.io beta launch earlier this month. NFT.io is a next-generation marketplace for non-fungible tokens build on Enjin’s technology. Its goal is to provide a smooth platform where people can buy and sell NFTs at a fast and lower cost.
The platform also makes it possible for people to mint NFTs within a few minutes. Its NFTs are cross-chain, meaning that they are compatible with other blockchains like Ethereum and Solana, It is also home to metaverse games that are also interoperable.
The beta version of NFT.io is only for a small number of people who will test it before it is launched to the public.
However, like I wrote here, the biggest risk for NFT.io is that it operates in a highly competitive industry. Opensea, the biggest company in the industry has a substantial market share in the sector. People compare it with how Google dominates the search engine industry despite competition from the likes of DuckDuckGo and Bing.
In addition to Opensea, there are several other popular companies like Magic Eden and Rarible. Therefore, the platform will need something special to gain market share in the industry.
The other risk is that the NFT industry is not what it used to be in the past. The volume of NFTs that are traded on a monthly basis has been in a downward trend for months.
Enjin Coin price prediction
The daily chart shows that the ENJ price has been in a strong bearish trend in the past few days. This sell-off saw the token drop to a low of $0.331 on March 12. This was an important level since it was also the lowest level on March 10.
Enjin coin still remains below the 25-day and 50-day EMAs while the MACD has continued tilting downwards. Therefore, the outlook is still bearish for now, with the next level to watch being at $0.28. A move above the resistance point at $0.40 will signal that buyers have prevailed.