ENJIN (ENJ) sees a price increase after Coinbase listing

Written by: Ali Raza
April 10, 2021
  • ENJ token has surged by up to 70% since Coinbase announced the listing of the token on most of its platforms.
  • Before the Coinbase listing, ENJ has been on an impressive run in recent months.
  • Trading of ENJ token has commenced on Coinbase Pro and deposits of the assets will be open to all users.

Enjin (ENJ) has soared to its previous all-time high of $3.05 as Coinbase Pro prepares to add it to the list of crypto coins on its platform.

Within the past 24 hours, the price of ENJ has surged by 35% after trading at lows of $2.27 the previous day.

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The upside momentum could continue and see EJN moved even further to $4.0 in a short time, as market experts are predicting.

Coinbase’s listing triggers a token surge

This surge in price is a result of the recent announcement by Coinbase Pro to include the token on its platform for its professional customers.

The support will be available in all Coinbase’s supported jurisdictions apart from 1INCH and ENJ in New York State.

In a blog post, Coinbase announced that if liquidity conditions are met, trading on the token will begin on Friday. However, the EJN token started rallying even before trading commenced.

Although the token has seen a downward pressure, bulls still retained an upper hand, which suggests that the price may rise a bit further to give way for a new leg up.

On the negative side, if the resistance is not stretched further, EJN could drop to the previous trend line support of $2.50.

Other added pairs on the platform include OGN-BTC, NHN-USD, and NKN-BTC.

ENJ has shown tremendous growth within the past months

Trading of the selected tokens has commenced on Coinbase Pro and deposits of the assets will be open to all users of the Coinbase platform.

On the day the token addition was announced, the ENJ token rose by 30%, surging from $2.22 the previous day to $3.25. But it retracted back to $3.05 at the time of writing.

The ENJ token has increased by almost 70% since the announcement. Before the Coinbase listing, the token has been on an impressive run in recent months, due to its shift to non-fungible tokens (NFT). This has resulted in the development of two major solutions: JumpNET and Efinity.