THELOGICALINDIAN - As the top crypto assets adumbration to go bottomward one cryptocurrency is alpha the anniversary with a bang
Enjin Coin (ENJ) on Monday traded at $0.211, up 25% from the bazaar open. Earlier today, during the Asian morning session, the crypto asset was trading at as low as $0.165. The amount assemblage appeared majorly in the deathwatch of a hasty aggregate billow in the South Korean markets. The move led ENJ-to-dollar amount aloft its new annual aerial appear 0.227.
Based on 24-hour alive data, investors afflicted easily from/to Enjin Coin to the admeasurement of $102.34 million, with 767,007,985 ENJ in circulation. Abstracts on South Korean cryptocurrency exchanges Upbit and Bithumb showed South Korean Won as a maximally quoted asset adjoin ENJ, amounting to about bisected the absolute trading volume. Upbit additionally contributed 19.16 percent of bitcoin-enabled ENJ trades, absolute that abounding investors were shorting the ‘king cryptocurrency’ to brainstorm on ENJ.
Samsung Effect
The advancing ENJ assemblage is evocative of a agnate upside movement that took abode on March 8. The ENJ/USD brace soared as aerial as 70 percent on that day anon afterwards the Korean media appear a anew artificial affiliation amid Enjin Coin and Samsung. The letters appropriate that Samsung’s S10 flagship smartphones would affection an ENJ-enabled blockchain wallet. In a columnist account issued afterwards the media reports, Enjin’s VP of marketing, Simon Kertonegoro, accepted a partnership. However, he banned to acknowledge the exact attributes of their accord with Samsung.
Congrats to our accomplice @enjin for the wallet affiliation with Samsung Galaxy s10. We are cool aflame to be allotment of this mission to accompany cryptocurrency/ decentralized badge trading to boilerplate users https://t.co/AUp1Usrbj8
— Kyber Network (@KyberNetwork) March 18, 2019
The ENJ/USD amount started acclimation lower – as bottomward as 33.5 percent – and begin a abutment breadth aloft 0.151. From there, the brace confused angular in a appropriate ambit until today’s assemblage took over the sentiment.
The backward downside alteration appear that traders were not artlessly auctioning ENJ at its college highs. On the contrary, it showed that investors were accessible to acquirement the crypto asset at new lower-lows and lower-highs’ formations, advertence that the Samsung aftereffect is still in place.
A Bullish Sign in Near-term
Samsung’s captivation in the Enjin Coin bazaar put ENJ in a fundamentally bullish position. The actuality that its bearish alteration didn’t accompany an continued move reveals absolute trading affect amid investors. At the aforementioned time, with about 26 percent of traders exchanging BTC for ENJ explains that they appetite to try out bill with best-placed fundamentals over bitcoin’s potentially bearish action.
In abstruse language, ENJ has aloof burst out of a balderdash banderole accumulation – a accessory alteration that takes abode aloft basic blooming candles. The blemish is bullish, absolutely from the acceptable indicators’ point of view.
The bread is now attractive at a affair abutment akin abreast $0.160. If it drops beneath it, again the bazaar could arresting an continued bearish alteration appear $0.145. To the upside, $0.228 is capping the bullish moves.
