How did Enjin Coin go up 30% in one day? Here are the reasons

Blockchain-based game and non-fungible token (NFT) focused project token Enjin has increased by more than 30 percent in the past 24 hours.

There are three main factors behind the strong short-term rise of the ENJ token: Listing on the Coinbase exchange, the acceleration in technical data, and the intense interest in JumpNet.

ENJ price chart since December 2020. Source: TradingView.com

Listing on Coinbase increases interest in Enjin

The ENJ token price has been in a gradual upward trend since the project announced its Efinity and JumpNet solutions.

On the other hand, the announcement of the largest US-based cryptocurrency exchange Coinbase to list ENJ token on Wednesday was the first step of a big rally. As it is known, listing on the Coinbase exchange acts as an important catalyst for altcoins. In this way, US investors can access the relevant token.

JumpNet and Efinity announcements powered

Enjin will be launching two major products in the coming months: Efinity and JumpNet.

Efinity is a game and NFT focused blockchain running on Polkadot. Efinity will be the first blockchain network optimized for non-fungible tokens only.

Parity Technologies Public Relations Manager Peter Mauric said:

“Printing NFTs on legacy networks was expensive. Polkadot was designed to address these structural shortcomings and provided a suitable platform for launching the production-level infrastructure Efinity represents for NFTs. It offers a cheaper and cleaner climate for developers.”

Enjin is also rolling out JumpNet, its second layer scaling solution.

JumpNet will allow users to transact using ENJ on gaming platforms with faster and cheaper transactions that will improve their gaming experience in the Enjin ecosystem.

Technical data acceleration accelerates

Analyst named “Rekt Capital” argued that ENJ price achieved a bullish structure against Bitcoin. You can: told:

“Despite the downward volatility, ENJ remains strong at its level. It will be interesting if ENJ, which has been moving horizontally along the local red support line for weeks, forms a flag formation around these levels.”

ENJ / BTC price chart (Binance). Source: TradingView.com, Rekt Capital

If the ENJ price stays above the $ 2.5 support level, a wider rally is likely in the near term.

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