Enjin Coin price crashes after climbing halfway towards ATH

Enjin Coin price crashes after climbing halfway towards ATH
Written by:
Ali Raza
1st July, 13:18
Updated: 1st July, 13:19
  • Enjin Coin followed Bitcoin quite accurately in Q2 2020.
  • ENJ even managed to climb halfway towards its old ATH between mid-March and June.
  • In June, ENJ spiraled down quite a bit, but it seems to be trying to force recovery.
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Enjin Coin (ENJ) — a cryptocurrency launched in 2017 by a gaming company that is as old as Bitcoin itself — saw an excellent performance in 2020, despite all the misfortune that the world has faced. But, with all the growth that it saw, it was only a matter of time before ENJ started seeing a correction that finally came in mid-June.

Enjin Coin before mid-March crash

Enjin’s first two months of 2020 were pretty similar to those of other coins, albeit, with small differences. While most other cryptos started surging as soon as 2020 had started, ENJ seemingly started dropping first, but struggling against it for the majority of January.

Even so, when the market skyrocketed in February, ENJ caught up with the rest of the industry, surging from $0.07 to $0.15 in a matter of days.

The coin then dropped slightly, although its drop was kept by a support at $0.13, at least for a time. With February ending, the crypto market started dropping again, and Enjin once again followed.

The coin started seeing a recovery, unlike many others, in the first two weeks of March. But, as soon as March 12th arrived, ENJ crashed down once more, in correlation with the rest of the crypto world.

ENJ after the market crash

The crash took Enjin to a new YTD low at $0.048, but like most other cryptos, it started growing soon after that.

Now, at this point, Enjin’s path once again started to differ from the rest of the crypto industry. Where most other coins grew to meet their height before the crash in February — many did not even go to those heights — Enjin surpassed this level rather quickly.

It spent the rest of March and the first half of April by growing slowly and gathering strength. The second half of April was marked by a massive surge, which was then replaced by another few weeks of a steady rise in early May, and another sharp surge in the second half of the month.

Eventually, ENJ hit its yearly peak (so far) around May 28th, with a price of $0.22, which is almost halfway towards the coin’s ATH.

In other words, ENJ appears to be acting similarly to Bitcoin. At least, it is copying Bitcoin’s performance more accurately than the rest of the altcoin market.

Considering that many expect BTC price to surge due to the halving, Enjin could also grow to considerable heights if it continues maintaining this correlation. Anyone who aims to buy Enjin (ENJ) might be interested in keeping that in mind.

Of course, the coin saw a significant drop since then, as well. After it hit this height, it kept spiraling down for the entirety of June, eventually hitting $0.15, which once again allowed it to bounce up towards $0.18.

Conclusion

Enjin’s performance in the second quarter of 2020 has been rather impressive, at least until June had arrived. Now, the coin is struggling to breach a resistance at $0.18, although it demonstrated that it is more than capable of doing it.

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