For the most part of the last week, despite a new year and new week knocking on the crypto sector’s door, the larger market has been more or less in a consolidation phase. Over the past few days, Bitcoin has remained quite complacent around the $50,000 level giving way to altcoins to rally.

The Enjin Coin price has struggled in the past few weeks even after some positive developments about the ecosystem. The ENJ token is trading at $2.36, which is ab...

The Enjin Coin price strong rebound has stalled in the past few sessions. ENJ, its Ethereum-based token, is trading at $2.57, which is a few points below this week’s high of $2.7. It has risen by more than 20% from its lowest level this month. Its total market capitalization stands at more than $2.4 billion.

Enjin Coin (ENJ) is lower in Asian hours on Friday at $3.315 (-2.70%), around 35% below November’s $5.000 all-time high but holding a 325% gain from the July lows. The recent weakness has erased almost $1.2 billion from Enjin Coin’s market cap, placing it at #63 on Coinmarketcap’s cryptocurrency league table. The ENJ token is trading in line with other Metaverse and gaming tokens like Decentraland and The Sandbox and corrected from the highs. Several factors are weighing on the price right now. Firstly, the crypto market as a whole is lower following fed Chair Powell’s hawkish stance and the Omicron covid breakout. Secondly, the magnitude of the rally last month attracted profit-taking at the higher numbers. As a result, ENJ is testing, what I consider a critical support level, which, if broken, may force liquidations.

In the meantime, it occurred to me that cryptocurrencies could be lining up to become the 21st-century example of defunct auto manufacturers. A quick look through Wikipedia points out close to 100 under the letter “A” alone. Under the letter “E”, as in Edsel, there aren’t quite as many. My guess is about 72.

Enjin’s native token, ENJ, is up by more than 5% over the past 24 hours after the team announced its first NFT drop of 2022 over the weekend.

Enjin Coin (ENJ) gets a very bullish rating from InvestorsObserver Wednesday. The token is up 11.58% to $2.68 while the broader crypto market is up 1.97%.

Enjin Coin receives a high risk/reward score from an InvestorsObserver analysis. The proprietary scoring system analyzes how much money was required to move the price over the past 24 hours. The metric looks at recent changes in volume and market cap to evaluate how much a token can be manipulated by limited trading. The score ranges from 0 to 100, with low ranks representing high risk and high values equating to low risk.

Enjin is wrapping up 2021 in grand style as its scalable, decentralized, and cross-chain NFT infrastructure, Efinity, emerged as the winner of Polkadot’s last par...